The pair stabilized below the 1.1306 zone, Fibonacci’s 50.0%, where the sellers will likely place pressures to take the lead over the EURUSD.

The price since the 24th of April 2016 has been mostly oscillating between the bullish range of 1.1213 and 1.1328 respectively.

Probable Scenario

The latest formation and stabilization below the 1.1306 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 1.1213.

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

EURUSD (Apr 27 2016)

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1328 area, the price could rise to 1.1397 Fibonacci’s 100.0%.

Today’s Major Announcements

  • Germany’s Gfk Consumer Confidence Survey (May) release is expected to have a medium impact on the euro
  • The Fed’s Interest Rate Decision and the Fed’s Monetary Policy Statement releases are expected to have a strong impact on the U.S dollar

Synopsis

  • Probable trend (Bearish): 1.1306
  • Bearish take profit target: 1.1213
  • Stop loss target: 1.1328
  • Alternative trend (Bullish): 1.1328
  • Bullish take profit target: 1.1397