The EURUSD has been mostly oscillating, since the 13th of June 2016, within an aggressive bearish formation between the range of 1.1303 and 1.1196 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 above, touching, the 1.1196 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair stabilizes below the 1.1196 area, the price could be forced to decline to lower zones such as the 1.1133 level.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 40 level.
Alternative Scenario
Alternatively, should the buyers take the lead and boost the price above the 1.1237 area Fibonacci’s 100.0% the pair could appreciate as high as 1.1303.
Today’s Major Announcements
- The Euro zone’s Trade Balance s.a. (Apr), the Trade Balance n.s.a. (Apr), and the German Buba President Weidmann Speech releases are expected to have a medium impact on the euro
- The U.S.’s FOMC Economic Projections, the Fed Interest Rate Decision, and the Fed’s Monetary Policy Statement releases are expected to have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1196
- Bearish take profit target: 1.1133
- Stop loss target: 1.1237
- Alternative trend (Bullish): 1.1237
- Bullish take profit target: 1.1303