The EURUSD stabilized close to the 1.1276 zone, Fibonacci’s 161.8%, where the sellers will likely place pressures to take control over the price.
The price since the 21st of June 2016 has been aggressively oscillating bearish between the range of 1.1350 and 1.1234 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1276 level is a good indication that the sellers may take control over the pair in today’s trading session.
In the event where the pair drops and the sellers take over, the price could decline to 1.1234 and 1.1161.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 50 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1305 area, the price could rise to 1.1350 Fibonacci’s 0.0%.
Today’s Major Announcements
- Euro zone’s Non-Monetary Policy ECB Meeting release is expected to have a strong impact on the euro
- Fed’s Yellen testifies release is expected to have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1276
- Bearish take profit target: 1.1234, 1.1161
- Stop loss target: 1.1305
- Alternative trend (Bullish): 1.1305
- Bullish take profit target: 1.1350