EURUSD Technical analysis 18.01.2016

EURUSD

The pair can gain support on the wake of the positive mood on Chinese and European markets, depsite the fact that the sanctions against Iran were lifted and the markets are awating the flow of Iranian oil to come in. The pair will probably be moving in 1.0800-1.0990 range.

The price is on the upper Bollinger band, higher than SMA5 and SMA14. RSI resides higher than 50% level and moving horizontally. Stoch are decreasing.

Trading recommendations: Buy the pair once of the technical indicators are reversed with a local target of 1.0990 and if the mood in Europe remains positive today.