The pair stabilized above the 1.1027 zone, Fibonacci’s 100.0% where the sellers will likely place pressures to take the lead over the EURUSD.
The price since the 8th of July 2016 has been mostly oscillating between the range of 1.1119 and 1.1000 respectively.
Probable Scenario
The latest formation and stabilization above the 1.1027 level is a good indication that the sellers may take control over the pair for today’s trading session.
In the event where the pair drops and the sellers take over, the price could decline to 1.0970.
The Stochastic oscillator indicates that the bearish pressures are more tensed and that the price has greater probabilities to decelerate.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1063 area, the price could rise to 1.1119 Fibonacci’s 0.0%.
Today’s Major Announcements
- The Eurogroup Meeting release could have a medium influence on the euro
- The Labour Market Conditions Index (Jun) release is expected to have a medium impact on the U.S dollar
Synopsis
- Probable trend (Bearish): 1.1027
- Bearish take profit target: 1.0970
- Stop loss target: 1.1063
- Alternative trend (Bullish): 1.1063
- Bullish take profit target: 1.1119