The EURUSD stabilized close to the 1.0584 zone, Fibonacci’s 161.8%, where the sellers will likely place more pressures to take control of the price.

The price, since the 8th of December 2016, has been oscillating within a downside formation between the range of 1.0872 and 1.0584 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.0584 level is a good indication that the sellers may take control over the pair in today’s trading session.

In the event where the pair drops and the sellers take over, the price could decline to 1.0409 Fibonacci’s 261.8%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 50 zone.

eurusd-dec-14-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.0698 area, the price could rise to 1.0872 Fibonacci’s 0.0%.

Today’s Major Announcements

  • The French Inflation ex-tobacco (MoM) (Nov) and the Consumer Price Index (EU Norm) (YoY) (Nov) releases will have a medium influence on the euro
  • The Retail Sales, the FOMC Economic Projections, the Fed’s Monetary Policy Statement, the Fed Interest Rate Decision, and the FOMC Press Conference releases will have a strong impact on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.0584

·         Bearish take profit target: 1.0409

·         Stop loss target: 1.0698

·         Alternative trend (Bullish): 1.0698

·         Bullish take profit target: 1.0872