The pair has been, since the 16th of February 2016, oscillating between the range of 1.1190 and 1.1002, with the sellers having made big gains from this downside move.

Today’s major pivot point area is the 1.1046 zone.

Probable Scenario

The latest stabilization of the EURUSD close to the 1.1046 level is a good indication that the bulls could likely lead the price to the upside.

In the event where the pair appreciates, it could rise as high as 1.1120, Fibonacci’s 61.8%.

The Stochastic oscillator also validates the uptrend formation showing that the price may likely aggressively move 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 1.1002 level, the pair could drop to 1.0930.

Today’s Major Announcements

* The IFO-Current Assessment (Feb), the IFO-Business Climate (Feb), and the IFO-Expectations (Feb) announcements are expected to have a medium impact on the euro

* The Consumer Confidence (Feb) release is expected to have a strong impact on the U.S. dollar

Synopsis

* Probable trend (Bullish): 1.1046

* Bullish take profit target: 1.1120

* Stop loss target: 1.1002

* Alternative trend (Bearish): 1.1002

* Bearish take profit target: 1.0930