Forex: technical overview 31.01.18

EURUSD

The pair is trading within the range if 1.2360–1.2500 as the new consumer inflation data in the eurozone and the results of the Fed’s meeting are expected to be revealed. If the consumer inflation figures prove to be negative, while the Fed chooses the hawkish tone, the pair will be expected to experience a local decline.

The price is above the middle line of the borders of Bollinger bands, above EMA 5 and EMA 13. RSI is above the level of 50% and is moving horizontally. Stochastic oscillators are not informative.

Trading recommendations:

Negative news from the eurozone may lead to the price falling below the mark of 1.2360 and further down to 1.2215, the results of the Fed’s meeting may further the decline.