The pair has been oscillating between the range of 0.7516 and 0.7635, as the bullish pressures got more tensed and the buyers gained the absolute control over the pair.
Stochastic indicates that the uptrend oscillations are more promising. Today’s major pivot area is 0.7635, a level where both the buyers and the sellers are expected to place strong pressures.
Probable Scenario
In the scenario where the bulls are able to lead the price above the 0.7635 level, the pair could aggressively escalate to 0.7755 Fibonacci 100.0%.
The aggressive uptrend formation on the pair, since the 22nd of January 2016, indicates that the price will likely continue to rise.
Alternative Scenario
Alternatively, in the event where the sellers retrace the pair at 0.7596to the downside, and the bulls fail to lead the pair above 0.7635, the price could decelerate to 0.7560 and 0.7516.
Today’s Major Announcements
- The BOE’s Governor Carney speech is expected to have a strong impact on the sterling
- There are no any major announcements on the euro
Synopsis
- Probable trend (Bullish):0.7635
- Bullish take profit target: 0.7755
- Stop loss target: 0.7596
- Alternative trend (Bearish): 0.7596
- Bearish take profit targets: 0.7560, 0.7516