The EURUSD has currently stabilized above the 1.1350 zone, Fibonacci’s 261.8%, where the buyers will likely place pressures to control the price.
The price, since the 17th of June 2016, has been oscillating within an upside formation between the range of 1.1222 and 1.1380 respectively.
Probable Scenario
The latest formation close to the 1.1302 level is a good indication that the sellers may take control over the pair in today’s trading session, provided that the price initially drops below the 1.1350 zone toward the 1.1302 area.
In the event where the pair drops and the sellers take over, the price could decline to 1.1222 Fibonacci’s 0.0%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 80 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair remains above the 1.1350 area, the price could rise to 1.1427 Fibonacci’s 423.6%.
Today’s Major Announcements
- Germany’s Producer Price Index (MoM) (May) and the Producer Price Index (YoY) (May) releases could have a medium impact on the euro
- There are no any releases that could have an impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1302
- Bearish take profit target: 1.1222
- Stop loss target: 1.1350
- Alternative trend (Bullish): 1.1350
- Bullish take profit target: 1.1427