The euro and the U.S. dollar are lately oscillating within a stable uptrend formation between the range of 1.1165 and 1.1218 respectively.

The bulls have placed strong pressures in their attempts of taking control over the price, and managed to lead the pair from 1.1143 to 1.1218.

Probable Scenario

In the scenario where the EURUSD breaks above the 1.1198 area, the price could escalate as high as 1.1339, Fibonacci’s 100.0%.

The stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 40 zone.

EURUSD (Mar 29 2016)

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.1125 area, the pair could decline as low as 1.1056.

Today’s Major Announcements

  • There are no any announcements that could have an impact on the euro
  • The Consumer Confidence (Mar) release is expected to have a medium impact on the U.S. dollar

Synopsis

  • Probable trend (Bullish): 1.1198
  • Bullish take profit target: 1.1339
  • Stop loss target: 1.1125
  • Alternative trend (Bearish): 1.1125
  • Bearish take profit target: 1.1056