The euro and the U.S. dollar are lately oscillating between the range of 1.0691 and 1.0801 respectively.

The bulls, since the 5th of December 2016, have placed pressures in their attempts of taking control over the price, and managed to force the pair from 1.0505 to 1.0801.

Probable Scenario

In the scenario where the EURUSD breaks above the 1.0801 area, the price could escalate as high as 1.0984.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 70 zone.

eurusd-dec-8-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.0691 area the pair could decline as low as 1.0505.

Today’s Major Announcements

  • The ECB Interest Rate Decision (Dec 8) and the ECB Deposit Rate Decision releases are expected to have a strong impact on the euro
  • The Initial Jobless Claims (Dec 2) and the Continuing Jobless Claims (Nov 25) releases are expected to have a medium influence on the U.S. dollar

Synopsis

·         Probable trend (Bullish): 1.0801

·         Bullish take profit targets: 1.0984

·         Stop loss target: 1.0691

·         Alternative trend (Bearish): 1.0691

·         Bearish take profit target: 1.0505