The pair is in a constant appreciation mode as the bulls have been able to patiently and steadily lead the price to upper areas.

The price has initially dropped as low as 1.0823 and thereafter aggressively climbed to 1.0975 which slightly above today’s major pivot area the 1.0945 zone.

Stabilization and minor bullish attempts are surfacing again slightly below the 1.0945 level.

Probable Scenario

In the condition where the bulls are able to withhold the price close to the 1.0945 level and exert greater pressures, the pair could appreciate to 1.0975 and 1.1064.

Similarly the Stochastic oscillator indicates that the price has greater probabilities to escalate at the 50 level.

Alternative Scenario

In contrast, in the scenario where the pair drops to the 1.0917 area, the bears may place more pressures, and the price could decelerate to 1.0880 and 1.0823.

Today’s Major Announcements

• The Gross Domestic Product (YoY) (Q4) and the Gross Domestic Product (QoQ) (Q4) releases will likely have a medium impact on the euro
• The Unemployment rate (Feb) and the Nonfarm Payrolls (Feb) announcements are expected to have a strong impact on the U.S. dollar

Synopsis

• Probable trend (Bullish): 1.0945
• Bullish take profit targets: 1.0975, 1.1064
• Stop loss target: 1.0917
• Alternative trend (Bearish): 1.0917
• Bearish take profit targets: 1.0880, 1.0823