EURUSD Technical Analysis 01.02.2016

EURUSD

The pair is slightly correcting downwards after the strong surge caused by Trump's and Navarro's speeches on undervaluation of euro. Today the market is concentrated on the results of the Fed monetary policy meeting. If it becomes evident that the Bank is inclined to lean towards normalization of monetary policy, the pair may fall under pressure. But if the bank's statement is negative for the US Dollar, the may start rising again.

The price is higher than the middle Bollinger band, lower than SMA5, but higher than SMA14. RSI resides lower than the overbought level and turning downwards. Stoch are leaving the overbought zone.

Trading recommendations: Buy the pair once the 1.0800 level is breached, considering a possible growth to 1.0880. At the same time, if 1.0765 level is breached, the pair may fall to 1.0625.