The pair has been, since the 22nd of January 2016, oscillating between the range of 1.5323 and 1.5655, with both the buyers and the sellers making some profit from the upside and downside moves respectively.
Today’s major pivot point area is the 1.5394 zone.
Probable Scenario
The latest stabilization of the EURAUD above the 1.5394 level is a good indication that the bulls could likely lead the price once again to the upside.
In the event where the pair appreciates, it could rise as high as 1.5519, Fibonacci 50.0%, 1.5655, Fibonacci 61.8%, and 1.6077 Fibonacci 100.0%.
The Stochastic oscillator also validates the uptrend formation showing that the price may likely retrace upwards.
Alternative Scenario
Alternatively, in the event where the buyers are not able to take the lead, and the bears resume their latest downside pressures below the 1.5323, the pair could drop to 1.5228 and 1.4971.
Today’s Major Announcements
- There are no any major announcements that could strongly impact the Australian dollar
- The Gfk Consumer Confidence Survey (Feb) is expected to have a medium impact on the euro
Synopsis
- Probable trend (Bullish):1.5394
- Bullish take profit targets: 1.5519, 1.5655, 1.6077
- Stop loss target:1.5323
- Alternative trend (Bearish): 1.5323
Bearish take profit targets:1.5228, 1.4971