The euro and the U.S. dollar are lately oscillating within a bullish formation between the range of 1.0503 and 1.0802 respectively.

Lately, the sellers have placed strong pressures in their attempts of taking control over the price, and managed to force the pair lower, from 1.0802 to 1.0689.

Probable Scenario

In the scenario where the EURUSD resumes above the 1.0689 area, the price could escalate as high as 1.0802, Fibonacci’s 161.8%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 55 zone.

eurusd-dec-7-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.0617 area, the pair could decline as low as 1.0503.

Today’s Major Announcements

  • There are no any releases on the euro
  • The EIA Crude Oil Stocks Change (Dec 2) and the Consumer Credit Change (Oct) releases are expected to have a medium impact on the U.S. dollar

Synopsis

·         Probable trend (Bullish): 1.0689

·         Bullish take profit target: 1.0802

·         Stop loss target: 1.0617

·         Alternative trend (Bearish): 1.0617

·         Bearish take profit target: 1.0503