EURUSD Technical Analysis 02.11.2016

EURUSD

The pair has reached a local maximum amid the closure of long USD positions prior to the Fed's meeting on the monetary policy. The expectations that the interest rates will remain unchanged put the US dollar under pressure. But the situation can change if the ADP data published today is not worse than the expected rise to 170 000. In this case the pair will fall under a local pressure. 

The price is higher than the middle Bollinger band, higher than SMA5 and SMA14. RSI resides in the overbought zone. Stoch are already there.

Trading recommendations: Sell the pair once it has fallen lower than 1.1055 with the probable target of 1.1020, which corresponds with the 23% Fibonacci retracement.