The upside pressures on the EURUSD got more tensed since the 9thof February 2016 where the price escalated from 1.1180 to 1.1324 and thereafter retraced slightly to the downside close to 1.1291 zones.
Today’s major pivot point area, the 1.1324 zone, is a critical level for the buyers in their attempts of retracing the price once again upwards.
Probable Scenario
The latest stabilization of the price closes to the 1.1324 zone is a good indication that the bulls could likely exert a further momentum to boost the pair higher.
Stochastic oscillators’ formation signals that a probable bullish retracement has greater probabilities to occur.
In the event where the pair appreciates, the buyers could set their take profit target at 1.1470.
Alternative Scenario
Alternatively, a bearish break-out below the 1.1232zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 1.1142level as their first target.
Today’s Major Announcements
- The Fed’s Yellen Testimonial release is expected to have a strong impact on the U.S. dollar
- The European Commission’s Release of Economic Growth Forecasts announcement is expected to have a medium impact the euro
Synopsis
- Probable trend (Bullish):1.1324
- Bullish take profit target: 1.1470
- Stop loss target: 1.1232
- Alternative trend (Bearish): 1.1232
- Bearish take profit target: 1.1142