The EURUSD has currently stabilized below the 1.1040 zone, Fibonacci’s 100.0%, where the sellers will likely place pressures to take control of the price.
The price, since the 13th of July 2016, has been oscillating within a downside formation between the range of 1.1164 and 1.0966 respectively.
Probable Scenario
The latest formation below the 1.1040 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 1.0966 Fibonacci’s 161.8%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 70 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1089 area, the price could rise to 1.1164 Fibonacci’s 0.0%.
Today’s Major Announcements
- The ECB Interest Rate Decision (Jul 21), the ECB Deposit Rate Decision, and the ECB Monetary Policy Statement and Press Conference releases could have a strong impact on the euro
- The Chicago Fed National Activity Index (Jun), the Initial Jobless Claims (Jul 15), the Philadelphia Fed Manufacturing Survey (Jul), the Housing Price Index (MoM) (May), and the CB Leading Indicator (MoM) (Jun) releases are expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1040
- Bearish take profit target: 1.0966
- Stop loss target: 1.1089
- Alternative trend (Bullish): 1.1089
- Bullish take profit target: 1.1164