EURUSD Technical Analysis 24.01.2016

EURUSD

The rise of Euro against the US dollar is caused by the ambiguity of the Trump's policy, as his fiscal stimulus program plans have yet to see the light of day. This uncertainty pushes the US dollar down, but once a strong US economic statistics data is released, the pair may fall under pressure and correct not just because of the statistics, but due to being locally overbought as well. 

The price is higher than the upper Bollinger band, lower than SMA5, but still higher than SMA 14. RSI resides higher than the 50% level and turning downwards. Stoch have turned downwards.

Trading recommendations: The pair may fall to 1.0680 amid correction , which will correspond with 23% Fibonacci retracement.