Forex: technical overview 24.01.18

EURUSD

The pair has breached the upper end the price range of 1.2165–1.2300 against the background of the positive economic data from the eurozone and Germany and following the announcement of Jerome Powell being appointed as the Chair of the Fed by the US Senate.

The price is above the upper line of the borders of Bollinger bands, above EMA 5 and EMA 13. RSI keeps growing. Stochastic oscillators are entering the overbought territory.

Trading recommendations:

If the pair remains above the mark if 1.2300, it may continue growing up to 1.2400. However, if the pair goes below this mark, it may correct downwards to 1.2165.