The upside pressures on the EURUSD got more tensed since the 3rd of June 2016 where the price climbed from 1.1137 to 1.1359.

Today’s major pivot point area, the 1.1359 zone, is a critical level for the buyers in their attempts of boosting the price once again to the upside.

Probable Scenario

The latest stabilization of the price close to the 1.1359 level is a good indication that the bulls could likely exert momentum to retrace the pair upwards.

Stochastic oscillators’ formation signals that a probable bullish retracement at the 40 level has greater probabilities to occur.

In the event where the pair appreciates, the buyers could set their take profit target at 1.1492.

Alternative Scenario

Alternatively, a bearish breakout below the 1.1270 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 1.1137 level as their first target.

Today’s Major Announcements

• Euro zone’s Gross Domestic Product s.a. (YoY) (Q1) and Gross Domestic Product s.a. (QoQ) (Q1) releases are expected to have a strong impact on the euro
• U.S.’s Nonfarm productivity, the Unit Labour Costs, and the Consumer Credit Change (Apr) announcements are expected to have a medium impact on the U.S. dollar

Synopsis

• Probable trend (Bullish): 1.1359
• Bullish take profit target: 1.1492
• Stop loss target: 1.1270
• Alternative trend (Bearish): 1.1270
• Bearish take profit target: 1.1137