The pair is more or less within a stable formation as the bulls have managed to withhold the price above the 1.1321 level.

Stabilization and minor bullish attempts are surfacing again close to the 1.1373 level.

Probable Scenario

In the condition where the bulls are able to withhold the price close to the 1.1373 level and exert greater pressures, the pair could appreciate to 1.1464.

Similarly the Stochastic oscillator indicates that the price has greater probabilities to escalate at the 25 level.

EURUSD (Apr 20 2016)

Alternative Scenario

In contrast, in the scenario where the pair drops to the 1.1321 area, the bears may place more pressures, and the price could decelerate to 1.1233.

Today’s Major Announcements

  • The ECB President Draghi’s Speech will likely have a strong impact on the euro
  • There are no any main announcements that could have an impact on the U.S. dollar

Synopsis

  • Probable trend (Bullish): 1.1373
  • Bullish take profit target: 1.1464
  • Stop loss target: 1.1321
  • Alternative trend (Bearish): 1.1321
  • Bearish take profit target: 1.1233