The EURUSD has been mostly oscillating since the 16th of March 2016 within an aggressive bullish formation between the range of 1.1056 and 1.1241 respectively.

Both the buyers and the sellers are now placing strong pressures in their attempts of taking control over the pair’s price.

The price is now oscillating slightly below the 1.1241 zone which is today’s major pivot point area.

Probable Scenario

In the condition where the pair stabilizes below the 1.1241 area, the price could be forced to decline to lower zones such as the 1.1169 and 1.1125.

The stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 60 level.

EURUSD (Mar 17 2016)

Alternative Scenario

Alternatively, should the buyers take the lead and boost the price above the 1.1278 area, the pair could appreciate as high as 1.1356 Fibonacci’s 161.8%.

Today’s Major Announcements

  • The Consumer Price Index – Core (YoY) (Feb) and the Consumer Price Index (YoY) (Feb) announcements are expected to have a strong impact on the euro
  • The Initial Jobless Claims (Mar 11), the Philadelphia Fed Manufacturing Survey (Mar), and the CB Leading Indicator (MoM) (Feb) announcements are expected to have a medium impact on the U.S. dollar

Synopsis

  • Probable trend (Bearish): 1.1241
  • Bearish take profit targets: 1.1169, 1.1125
  • Stop loss target: 1.1278
  • Alternative trend (Bullish): 1.1278
  • Bullish take profit target: 1.1356