EURUSD Technical analysis 21.01.2016

EURUSD

The pair is consolidating before the results of ECB meeting and M. Draghi speech are announced. We do not expect any breakthrough actions from the Central Bank which will probably be the reason for the pair to move is a narrow range.

The price is on the lower Bollinger band, higher than SMA5 and SMA14. RSI residers on the 50% level. Stoch are entering overbought zone.

Trading recommendations: Continue trading inside the range while waiting for the ECB meeting. Buy when the price is falling starting from 1.0800 level and sell from 1.0900-1.1000.