The pair, after escalating from 1.0964 to 1.1051, has dropped, since the 24th of February 2016, down to 1.0910, which is slightly below today’s major pivot point area the 1.0964 level.
Stochastic oscillator’s latest formation shows a pattern of a steady appreciation at the 20 level where the pair is expected to retrace once again to the upside.
Probable Scenario
In the condition where the pair stabilizes and breaks above the 1.0964 level, and the upside pressures somehow get more tensed, the price could rise back to the 1.1051 zone, Fibonacci’s 61.8%.
Should the bulls gain control over the price in today’s session as well, then such a continuation will confirm the profitable upside attempts since the 24th of February 2016.
Alternative Scenario
Alternatively, in the event where the bearish pressures force the pair below the 1.0910 zone, the price could drop to 1.0837.
Today’s Major Announcements
- The Consumer Price Index (YoY) (Feb) and the Consumer Price Index – Core (YoY) (Feb) releases are expected to have a major impact on the euro
- The Chicago Purchasing Managers’ Index (Feb), the Pending Home Sales (YoY) (Jan), and the Pending Home Sales (MoM) (Jan) releases are expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.0964
- Bullish take profit target: 1.1051
- Stop loss target: 1.0910
- Alternative trend (Bearish): 1.0910
- Bearish take profit target: 1.0837