The price has been oscillating since yesterday’s trading session close to the 1.0999 zone and slightly above or mostly touching the 1.1047 level which is today’s major pivot point area.

The bullish and bearish pressures are equally distributed with both the buyers and the sellers gaining some minor profits.

Probable Scenario

In the event where the buyers are able to withhold the pair above today’s pivot point level, the 1.1047, they could likely lead the price to upper areas, such as the 1.1138, Fibonacci’s 100.0% and 1.1249, Fibonacci’s 161.8%, respectively.

Alternative Scenario

Alternatively, in the condition where the bullish pressures are not strong enough to withhold the pair above the 1.1047 zone and the price drops below the 1.0999 area, Fibonacci’s 23.6%, the pair could thereafter decelerate to 1.0955 and 1.0880.

Today’s Major Announcements

• The Gross Domestic Product Annualized (Q4), the Gross Domestic Product Price Index (Q4), and the Goods Trade Balance (Jan) announcements are expected to have a major impact on the U.S. dollar
• Germany’s Consumer Price Index (Feb) release is expected to have a strong impact on the euro

Synopsis

• Probable trend (Bullish): 1.1047
• Bullish take profit targets: 1.1138, 1.1249
• Stop loss target: 1.0999
• Alternative trend (Bearish): 1.0999
• Bearish take profit targets: 1.0955, 1.0880