EURUSD Technical Analysis 16.03.2017

EURUSD

The pair is trading above the 1.0710 area. The price has risen, reflecting the results of the Fed. meeting, where the plans to increase the interest rate two more times this year were indicated. Nevertheless, the possibility of more active interest rate increase was not confirmed. Despite that, we suppose that the interest rate increase will be restricted and, possibly, it will event correct, as the perspective of the following interest rate uplift will be supporting the US currency.

The price is higher than the middle Bollinger band, higher than SMA5 and SMA14. RSI resides on the border of the overbought zone. Stoch are in reverse, residing in the zone.

Trading recommendations:
The fall of the price lower than 1.0710 level, it will be followed by correction to 1.0675 with a possible fall, reaching 1.0600.