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

The pair has been dropping though since the 17th of March 2016 from as high as 1.1341 to as low as 1.1230.

Stabilization and minor bullish attempts are surfacing again slightly above the 1.1230 level which is today’s major pivot point area.

Probable Scenario

In the condition where the bulls are able to withhold the price above the 1.1230 zone and exert greater pressures, the pair could appreciate to 1.1341.

Similarly, the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 40 level.

Alternative Scenario

In contrast, in the scenario where the pair drops to the 1.1200 area and the bears place more pressures taking advantage of the bearish volatility, the price could decelerate to the 1.1124 zone.

Today’s Major Announcements

• Germany’s IFO-Business Climate (Mar), IFO Assessment (Mar), IFO-Expectations (Mar), Markit Services PMI (Mar), Markit Manufacturing PMI (Mar), Markit PMI Composite (Mar), euro zone’s Markit Services PMI (Mar), Markit Manufacturing PMI (Mar), Markit PMI Composite (Mar), and Germany’s ZEW Survey – Current Situation (Mar) and ZEW Survey – Economic Sentiment (Mar) releases are expected to have a medium impact on the euro
• The Housing Price Index (MoM) (Jan) and the Markit Manufacturing PMI (Mar) releases are 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: 1.1200
• Alternative trend (Bearish): 1.1200
• Bearish take profit target: 1.1124