The pair is in a constant declination mode as the bears have been able to patiently and steadily force the price to lower areas.

The price has dropped as low as 1.1127 and thereafter slightly escalated close to1.1186 which is today’s major pivot area. Stabilization and minor bullish attempts are surfacing again.

Probable Scenario

In the condition where the bulls are able to withhold the price close to the 1.1186level and exert greater pressures, the pair could appreciate back to 1.1251 and 1.1282.

Similarly the Stochastic oscillator indicates that the price has greater probabilities of retracing to the upside at the 20 level.

EURUSD

Alternative Scenario

In contrast, in the scenario where the pair drops to the 1.1127area, the bears may place more pressures taking advantage of the bearish volatility, and force the price to the 1.1073 zone.

Today’s Major Announcements

  • The NAHB Housing Market Index (Feb) release is expected to have a medium impact on the U.S. dollar
  • The 10-y Bond Auction release is expected to have a medium impact on the euro

Synopsis

  • Probable trend (Bullish):1.1186
  • Bullish take profit targets: 1.1251, 1.1282
  • Stop loss target: 1.1127
  • Alternative trend (Bearish): 1.1127
  • Bearish take profit target: 1.1073