The pair has been recently oscillating between the range of 1.1394 and 1.1368 as both the buyers and the sellers attempted to take control over the price.

The sellers placed greater pressures since yesterday’s trading session and forced the price to drop from 1.1462 to 1.1344. Today’s major pivot point area is the 1.1377 level.

Probable Scenario

The latest stabilization of the pair slightly below the 1.1377 area is a good indication that the price may retrace once again to the downside.

In the event where the pair drops, the sellers could lock their profit at 1.1325.

The Stochastic oscillator confirms the downtrend formation thus showing that the pair has greater probabilities of retracing downwards.

Alternative Scenario

In contrast, in the condition where the bullish pressures get more tensed and the pair breaks above the 1.1394 level, the price could rise to 1.1462.

Today’s Major Announcements

• Euro zone’s Industrial Production w.d.a (YoY) (Feb) and the Industrial Production s.a (MoM) (Feb) releases are expected to have a medium impact on the euro
• The Retail Sales ex Autos (MoM) (Mar) announcement is expected to have a strong impact on the U.S. dollar

Synopsis

• Probable trend (Bearish): 1.1377
• Bearish take profit target: 1.1325
• Stop loss target: 1.1394
• Alternative trend (Bullish): 1.1394
• Bullish take profit target: 1.1462