The euro and the U.S. dollar are lately oscillating between the range of 1.0633 and 1.0685 respectively.

The bulls, since the 30th of November 2016, have placed pressures in their attempts of taking control over the price, and managed to force the pair from 1.0550 to 1.0685.

Probable Scenario

In the scenario where the EURUSD breaks above the 1.0685 area, the price could escalate as high as 1.0769.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 80 zone.

eurusd-dec-2-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.0633 area the pair could decline as low as 1.0550.

Today’s Major Announcements

  • There are no releases on the euro
  • U.S.’s Unemployment Rate  (Nov), the Labor Force Participation Rate (Nov), and the Nonfarm payrolls (Nov) announcements could have a strong impact on the U.S. dollar

Synopsis

·         Probable trend (Bullish): 1.0685

·         Bullish take profit targets: 1.0769

·         Stop loss target: 1.0633

·         Alternative trend (Bearish): 1.0633

·         Bearish take profit target: 1.0550