The pair stabilized below the 1.1180 zone, Fibonacci’s 100.0%, where the sellers will likely place pressures to take the lead over the EURUSD.
The price, since the 24th of May 2016, has been mostly oscillating between the bullish range of 1.1128 and 1.1216 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1180 level 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 1.1143.
The Stochastic oscillator indicates that the bearish pressures could get more tensed and that the price has greater probabilities to decelerate.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1204 area, the price could rise to 1.1242 Fibonacci’s 0.0%.
Today’s Major Announcements
- There are no any releases on the euro
- U.S.’s GDP Price Index (Q1), the Gross Domestic Product Annualized (Q1), the Personal Consumption Expenditures Prices (QoQ) (Q1), the Core Personal Consumption Expenditures (QoQ) (Q1), the Baker Hughes Rig Count, and the Fed’s Yellen Speech releases are expected to have a medium impact on the U.S dollar
Synopsis
- Probable trend (Bearish): 1.1180
- Bearish take profit target: 1.1143
- Stop loss target: 1.1204
- Alternative trend (Bullish): 1.1204
- Bullish take profit target: 1.1242