The EURUSD has been oscillating, since the 24th of March 2016, within an aggressive bullish formation between the range of 1.1142 and 1.1340 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 above the 1.1265 zone which is today’s major pivot point area.

Probable Scenario

In the condition where the pair stabilizes close to the 1.1265 area, the price could decline to lower zones such as the 1.1142.

The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 30 level.

EURUSD (Mar 31 2016)

Alternative Scenario

Alternatively, should the buyers take the lead and boost the price above the 1.1340 area, the pair could appreciate as high as 1.1463 Fibonacci’s 161.8%.

Today’s Major Announcements

  • Germany’s Unemployment Change (Mar) and Unemployment rate s.a. (Mar), Euro zone’s Consumer Price Index (YoY) (Mar) and Consumer Price Index-Core (YoY) (Mar), and the ECB Monetary Policy Meeting Accounts announcements are expected to have a strong impact on the euro
  • The Initial Jobless Claims (Mar 25) and the Chicago Purchasing Managers’ Index (Mar) announcements are expected to have a medium impact on the U.S. dollar

Synopsis

  • Probable trend (Bearish): 1.1265
  • Bearish take profit target: 1.1142
  • Stop loss target: 1.1340
  • Alternative trend (Bullish): 1.1340
  • Bullish take profit target: 1.1463