The euro and the U.S. dollar are lately oscillating within a bullish formation between the range of 1.1030 and 1.1072 respectively.

The bulls have placed strong pressures in their attempts of taking control over the price, and managed to lead the pair from 1.0960 to 1.1072.

Probable Scenario

In the scenario where the EURUSD stabilizes above the 1.1072 area, the price could escalate as high as 1.1142, Fibonacci’s 261.8%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 80 zone.

EURUSD (July 28 2016)

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.1030 area, the pair could decline as low as 1.0960.

Today’s Major Announcements

  • Germany’s Unemployment Change (Jul), the Unemployment Rate s.a. (Jul), the Consumer Price Index (YoY) (Jul), the Consumer Price Index (MoM) (Jul), the Harmonised Index of Consumer Prices (YoY) (Jul), and the Harmonised Index of Consumer Prices (MoM) (Jul) releases are expected to have a medium impact on the euro
  • The Initial Jobless Claims release is expected to have a medium impact on the U.S. dollar

Synopsis

  • Probable trend (Bullish): 1.1072
  • Bullish take profit target: 1.1142
  • Stop loss target: 1.1030
  • Alternative trend (Bearish): 1.1030
  • Bearish take profit target: 1.0960