The pair stabilized below the 1.1272 zone, Fibonacci’s 23.6% where the sellers will likely place pressures to take the lead over the EURUSD.

The price since the 21st of April 2016 has been mostly oscillating between the range of 1.1369 and 1.1215 respectively.

Probable Scenario

The latest formation and stabilization below the 1.1272 level, strong resistance, is a good indication that the sellers may take control over the pair for today’s trading session.

In the event where the pair drops and the sellers take over, the price could decline to 1.1215.

The Stochastic oscillator indicates that the bearish pressures are more tensed and that the price has greater probabilities to decelerate.

EURUSD (Apr 26 2016)

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1308 area, the price could rise to 1.1369 Fibonacci’s 61.8%.

Today’s Major Announcements

  • There are no any releases on the euro
  • The Durable Goods Orders ex Transportation (Mar), the Durable Goods Orders (Mar), the S&P/Case-Shiller Home Price Indices (YoY) (Feb), the Markit PMI Composite (Apr), the Markit Services PMI (Apr), and the Consumer Confidence (Apr) releases are expected to have a medium impact on the U.S dollar

Synopsis

  • Probable trend (Bearish): 1.1272
  • Bearish take profit target: 1.1215
  • Stop loss target: 1.1308
  • Alternative trend (Bullish): 1.1308
  • Bullish take profit target: 1.1369