The price has been oscillating since the 16th of March 2016 within an uptrend formation from as low as 1.1055 to as high as 1.1341. The pair is now oscillating slightly above the 1.1230 zone which is today’s major pivot point area.

The bullish and the bearish pressures are now equally distributed with both the buyers and the sellers attempting to take control over the pair.

Probable Scenario

In the event where the buyers are able to withhold the pair above today’s pivot point level, the 1.1230, they could likely lead the price to upper areas, such as the 1.1341, Fibonacci’s 100.0%.

Alternative Scenario

Alternatively, in the condition where the bullish pressures are not strong enough to withhold the pair above the 1.1230 zone and the price drops below the 1.1197 area, the pair could thereafter decelerate to 1.1124.

Today’s Major Announcements

• There are no any major releases that could have a strong impact on the euro
• The Chicago Fed National Activity Index (Feb) is expected to have a medium impact on the U.S. dollar

Synopsis

• Probable trend (Bullish): 1.1230
• Bullish take profit target: 1.1341
• Stop loss target: 1.1197
• Alternative trend (Bearish): 1.1197
• Bearish take profit targets: 1.1124