EURUSD technical analysis 17.02.2020

The pair consolidates above 1.0830. It will continue its local decline after overcoming this mark. The main reason behind this is still the weakness of the European economy and the ECB’s monetary policy that is no longer expected to get tighter.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is located above the oversold zone and moves horizontally. Stoch are below the 50% level and indicate a weakening of the decline.

Trading recommendations:

Sell the pair after the price crosses the 1.0830 mark with a likely target of 1.0800.