The pair has been recently oscillating between the range of 1.1292 and 1.1213 as the sellers have taken the absolute control on the pair.
The sellers placed greater pressures since the 9th of June 2016 and forced the price to drop from 1.1415 to 1.1230. Today’s major pivot point area is the 1.1213 level.
Probable Scenario
The latest stabilization of the pair close to the 1.1213 area is a good indication that the price may retrace to the downside.
In the event where the pair drops, the sellers could lock their profit at 1.1088.
The Stochastic oscillator confirms the downtrend formation thus showing that the pair has greater probabilities of resuming downwards.
Alternative Scenario
In contrast, in the condition where the bullish pressures get more tensed and the pair breaks above the 1.1292 level, the price could rise to 1.1415.
Today’s Major Announcements
- There are no any major announcements or releases either on the euro or the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1213
- Bearish take profit target: 1.1088
- Stop loss target: 1.1292
- Alternative trend (Bullish): 1.1292
- Bullish take profit target: 1.1415