The euro and the U.S. dollar are mostly oscillating within a stable formation between the range of 1.1184 and 1.1247 respectively.
Both the bulls and the bears have placed equal pressures in their attempts of taking control over the price.
The upside pressures since the 8th of February 2016 led the pair from as low as 1.1085 to as high as 1.1247which is slightly above today’s major pivot area the 1.1184 level.
Probable Scenario
In the scenario where the EURUSD stabilizes above the 1.1184 area, the price could escalate as high as 1.1247, Fibonacci’s 100.0%, and 1.1343, Fibonacci’s 161.8%.
The stochastic oscillator also indicates that the pair has greater chances of retracing to upper levels.
Alternative Scenario
Alternatively, should the sellers take the lead and force the price below the 1.1148 area, the pair could decline as low as 1.1085.
Today’s Major Announcements
- The Current Account n.s.a. (Dec), the Trade Balance s.a. (Dec), the Exports (MoM) (Dec), and the Imports (MoM) (Dec)announcements are expected to have a medium impact on the euro
- The API Weekly Crude Oil Stock release is expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.1184
- Bullish take profit targets: 1.1247, 1.1343
- Stop loss target: 1.1148
- Alternative trend (Bearish): 1.1148
- Bearish take profit target: 1.1085