The price is in a constant acceleration mode as the buyers have been able to patiently and steadily lead the pair to higher zones.
The pair has stabilized, since today’s session, close to the 111.84 level.
The bulls are once again placing pressures below the 111.84 zone which is today’s major pivot point area.
In the condition where the bulls are able to lead the price above the 111.84 zone and exert greater pressures, the pair could appreciate to 112.84.
Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 40 level.
In contrast, in the scenario where the pair drops to the 111.20 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 110.23 zone.
· Probable trend (Bullish): 111.84
· Bullish take profit target: 112.84
· Stop loss target: 111.20
· Alternative trend (Bearish): 111.20
· Bearish take profit target: 110.23