The price is in a constant deceleration mode as the sellers have been able to patiently and steadily force the pair to lower zones.

The pair has slightly escalated since yesterday’s trading session from as low as 1.0858 to as high as 1.0882.

Stabilization and minor bullish attempts are surfacing again slightly below the 1.0906 level which is today’s major pivot point area.

Probable Scenario

In the condition where the bulls are able to withhold the price close to the 1.0906 zone and exert greater pressures, the pair could appreciate to 1.0962 and 1.0987 respectively.

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

Alternative Scenario

In contrast, in the scenario where the pair drops to the 1.0858 area and the bears place more pressures taking advantage of the bearish volatility, the price could decelerate to the 1.0811 zone.

Today’s Major Announcements

• The ISM Prices Paid (Feb) and the ISM Manufacturing PMI (Feb) releases are expected to have a strong impact on the U.S. dollar
• Germany’s Unemployment Rate s.a (Feb) and the Unemployment Change (Feb) announcements will likely have a major impact on the euro

Synopsis

• Probable trend (Bullish): 1.0906
• Bullish take profit targets: 1.0962, 1.0987
• Stop loss target: 1.0858
• Alternative trend (Bearish): 1.0858
• Bearish take profit target: 1.0811