The EURUSD stabilized close to the 1.1012 zone, Fibonacci’s 61.8%, where the sellers will likely place more pressures to take control of the price.
The price, since the 23rd of June 2016, has been aggressively oscillating within an upside formation between the range of 1.0909 and 1.1179 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1012 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 1.0909 Fibonacci’s 100.0%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 55 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1075 area, the price could rise to 1.1179 Fibonacci’s 0.0%.
Today’s Major Announcements
- The EU Leaders Summit is expected to have a strong impact on the euro
- The Bank Stress Test info is expected to have a strong influence on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1012
- Bearish take profit target: 1.0909
- Stop loss target: 1.1075
- Alternative trend (Bullish): 1.1075
- Bullish take profit target: 1.1179