The EURUSD stabilized close to the 1.0435 zone, Fibonacci’s 161.8%, where the sellers will likely place more pressures to take control of the price.
The price, since the 14th of December 2016, has been aggressively oscillating within a downside formation between the range of 1.0669 and 1.0435 respectively.
The latest formation and stabilization below the 1.0435 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 1.0290 Fibonacci’s 261.8%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 25 zone.
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.0524 area, the price could rise to 1.0669 Fibonacci’s 0.0%.
- The PPI (MoM) (Nov) and the PPI (YoY) (Nov) releases are expected to have a medium influence on the euro
- There are no any releases on the U.S. dollar
· Probable trend (Bearish): 1.0435
· Bearish take profit target: 1.0290
· Stop loss target: 1.0524
· Alternative trend (Bullish): 1.0524
· Bullish take profit target: 1.0669