The EURUSD has been mostly oscillating, since the 22nd of May 2016, within an aggressive bearish formation between the range of 1.1226 and 1.1128 respectively.
Both the buyers and the sellers are now placing strong pressures in their attempts of taking control over the pair’s price.
The price is now oscillating slightly below the 1.1187 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair stabilizes below the 1.1187 area, the price could be forced to decline to lower zones such as the 1.1123 level.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 70 level.
Alternative Scenario
Alternatively, should the buyers take the lead and boost the price above the 1.1202 area Fibonacci’s 61.8% the pair could appreciate as high as 1.1226.
Today’s Major Announcements
- There are no any major releases that could have a strong impact on the euro
- The Durable Goods Orders (Apr) and the Durable Goods Orders ex Transportation (Apr) releases are expected to have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1187
- Bearish take profit target: 1.1123
- Stop loss target: 1.1202
- Alternative trend (Bullish): 1.1202
- Bullish take profit target: 1.1226