The pair is correcting downward after the US Department of Energy decides to sell oil from the Strategic Petroleum Reserve, while further rate cuts are expected from the Fed, as well as the new economic stimulus measures by the ECB. Amid the increasing demand for risk assets, the pair will continue to decline locally.
The price is above the middle Bollinger band, below SMA 5 and at the level of SMA 14. RSI is above the level of 50% and is decreasing. Stoch fall sharply.
Trading recommendations:
The pair can be sold as long as it keeps below 1.1370 with a local target of 1.1095.