The euro and the U.S. dollar are lately oscillating between the range of 1.1500 and 1.1534 respectively.

The bulls, since the 27th of April 2016, have placed strong pressures in their attempts of taking control over the price and managed to boost the pair from as low as 1.1268 to as high as 1.1534.

Probable Scenario

In the scenario where the EURUSD stabilizes above the 1.1500 area, the price could escalate as high as 1.1656, Fibonacci’s 161.8%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 70 zone.

EURUSD (May 3 2016)

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.1405 area the pair could decline as low as 1.1314.

Today’s Major Announcements

  • The European Commission Releases Economic Growth Forecasts announcement is expected to have a medium impact on the euro
  • There are no any announcements that could have an impact on the U.S. dollar

Synopsis

  • Probable trend (Bullish): 1.1500
  • Bullish take profit target: 1.1656
  • Stop loss target: 1.1405
  • Alternative trend (Bearish): 1.1405
  • Bearish take profit target: 1.1314