EURUSD Technical Analysis 23.11.2016

EURUSD

The pair is still consolidating amid the holiday in the US tomorrow and prior to the outcome of the Fed. meeting on monetary policy. Positive Eurozone PMI data, as well as low trade volumes may help push the pair up.

The pair is higher than the middle Bollinger band, higher than SMA5 and SMA14. RSI resides under the 50% level and gradually rising. Stoch are also rising.

Trading recommendations: The pair will most probably remain within the 1.0580-1.0660 range, but a local breach of 1.0660 on low volumes, can cause a rise up to 1.0700, but not higher. If it happens, we consider it necessary to sell the pair starting from approximately 1.0700 with a probable target of 1.0550.