The EURUSD stabilized close to the 1.0979 zone, Fibonacci’s 100.0%, where the sellers will likely place pressures to take control over the price.
The price, since the 22nd of July 2016, has been mostly oscillating within a downside pattern between the range of 1.1041 and 1.0951 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.0979 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 1.0942 Fibonacci’s 161.8%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 60 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1002 area, the price could rise to 1.1041 Fibonacci’s 0.0%.
Today’s Major Announcements
- There are no any releases on the euro
- U.S.’s S&P / Case – Shiller Home Price Indices (YoY) (May), the Markit Services PMI (Jul), the Markit PMI Composite (Jul), the Consumer Confidence (Jul), the New Home Sales Change (MoM) (Jun), and the New Home Sales (MoM) (Jun) releases are expected to have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.0979
- Bearish take profit target: 1.0942
- Stop loss target: 1.1002
- Alternative trend (Bullish): 1.1002
- Bullish take profit target: 1.1041