The euro and the U.S. dollar are lately oscillating within a stable formation between the range of 1.1099 and 1.1174 respectively.

The bulls have placed strong pressures in their attempts of taking control over the price, and managed to lead the pair higher, from 1.0972 to 1.1174.

Probable Scenario

In the scenario where the EURUSD rises close to and breaks above the 1.1174 area, the price could escalate as high as 1.1303, Fibonacci’s 161.8%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 30 zone.

EURUSD (July 4 2016)

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.1099 area, the pair could decline as low as 1.0972.

Today’s Major Announcements

  • The Producer Price Index (MoM) (May) and the Producer Price Index (YoY) (May)  announcements could have a medium impact on the euro
  • There are no any releases on the U.S. dollar

Synopsis

  • Probable trend (Bullish): 1.1174
  • Bullish take profit target: 1.1303
  • Stop loss target: 1.1099
  • Alternative trend (Bearish): 1.1099
  • Bearish take profit target: 1.0972