The EURUSD has been mostly oscillating, since the 26th of May 2016 within a bearish formation between the range of 1.1216 and 1.1096 respectively.

The buyers are lately placing their bullish pressures in their attempts to withhold the pair’s price above the 1.1127 level.

The price in now oscillating slightly above the 1.1127 zone which is today’s major pivot point area.

Probable Scenario

In the condition where the pair stabilizes close to the 1.1127 area, the price could be forced to decline to lower zones such as the 1.1074

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 withhold the price above the 1.1127 area and lead the pair higher than the 1.1161 level, the pair could appreciate to 1.1216.

Today’s Major Announcements

• The Consumer Price Index (YoY) (May) and the Consumer Price Index – Core (YoY) (May) releases are expected to have a strong impact on the euro
• The Personal Income (MoM) (Apr), the Core Personal Consumption Expenditure – Price Index (MoM) (Apr), the Core Personal Consumption Expenditure – Price Index (MoM) (Apr), the Personal Consumption Expenditures – Price Index (YoY) (Apr), the Personal Consumption Expenditures – Price Index (MoM) (Apr), the Personal Spending (Apr), the Core Personal Consumption Expenditure – Price Index (YoY) (Apr), the S&P/Case-Shiller Home Price Indices (YoY) (Mar), the Chicago Purchasing Managers’ Index (May), and the Consumer Confidence (May) releases are expected to have a medium impact on the U.S. dollar

Synopsis

• Probable trend (Bearish): 1.1127
• Bearish take profit target: 1.1074
• Stop loss target: 1.1161
• Alternative trend (Bullish): 1.1161
• Bullish take profit target: 1.1216