The upside pressures on the pair got more tensed since the 28th of April 2016 where the price climbed from as low as 1.1293 to as high as 1.1616.

The bulls took control of the pair by more than 300 pips to their favour, an astonishing movement with big gains for the buyers whereas losses for the sellers.

Probable Scenario

The latest stabilization of the price close to the 1.1483 zone, which is today’s major pivot point level, is a good indication that the bulls could likely exert further momentum to boost the price upwards.

Stochastic oscillators’ formation signals that a probable bullish retracement, close to the 20 level, has greater chances to occur.

In the event where the pair escalates, the buyers could set their take profit target at 1.1616.

Alternative Scenario

Alternatively, a bearish breakout below the 1.1442 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 1.1354.

Today’s Major Announcements

• Euro zone’s Non-monetary policy’s ECB meeting is expected to have a strong impact on the euro
• U.S.’s ADP Employment Change (Apr), the Trade Balance (Mar), the Markit PMI Composite (Apr), the Markit Services PMI (Apr), the ISM Non-Manufacturing PMI (Apr), and the Factory Orders (MoM) (Mar) releases are expected to have a medium influence on the U.S. dollar

Synopsis

• Probable trend (Bullish): 1.1483
• Bullish take profit target: 1.1616
• Stop loss target: 1.1442
• Alternative trend (Bearish): 1.1442
• Bearish take profit target: 1.1354