EURUSD Technical analysis 21.11.17

EURUSD

The pair is consolidating with a small decline as the impossibility of Angela Merkel forming the new coalition government in Germany brings forth the prospects of a political crisis. Nonetheless, we’re not expecting the price to fall significantly. It’s more likely that the pair either will move within the range of 1.1720–1.1850, or will pass its lower border and go down if the political news from Germany become threatening for the investors.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI moves horizontally but stays under 50& level. Stoch are entering the oversold zone.

Trading recommendations:

If the pair breaches the support line of 1.1720, it may go down to 1.1660–65.