Can the buyers lead the pair to upper levels?
When looking at the EUR/USD Tecnical analysis, the EURUSD pair has been lately oscillating between the range of 1.1160 and 1.1321 as the bulls were able to lead the price to far upper zones.
The price is currently oscillating slightly below today’s major pivot point area which is the 1.1321 level.
Probable Scenario
The latest stabilization of the pair above the 1.1250 area and close to the 1.1321 level is a good indication that the price may retrace once again to the upside.
In the scenario where the price appreciates, the buyers could lock their profit at 1.1419, Fibonacci’s 161.8% and 1.1585, Fibonacci’s 261.8%.
The Stochastic oscillator confirms the uptrend condition thus showing that the price has already approached oversold zones close to the 20 level.
Alternative Scenario
In contrast, in the event where the sellers resume their bearish pressures and the price declines below the 1.1250 zone, the pair could drop to 1.1160.
Today’s Major Announcements
- There are no any major announcements on the euro
- The Fed’s Yellen testimonial release is expected to have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.1321
- Bullish take profit targets: 1.1419, 1.1585
- Stop loss target: 1.1250
- Alternative trend (Bearish): 1.1250
- Bearish take profit target: 1.1160