The pair is trading at 1.2000 amid the publication of data on the number of new jobs from ADP. It’s expected to increase in April by 800,000 against the March value of 517,000. If the values come out in line with expectations or even slightly higher, this may put local pressure on the pair.
Technical side:
The price is located below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the 50% level and shows a downward turn. Stoch are showing a weakening of the price growth.
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Trading idea:
The pair should be sold on positive data from the US with its likely drop to 1.1940.