The EURUSD has currently stabilized slightly below the 1.1222 zone, Fibonacci’s 161.8%, where the sellers will likely place pressures to take control the price.
The price, since the 1st of August 2016, has been oscillating within an upside formation between the range of 1.1154 and 1.1222 respectively.
Probable Scenario
The latest formation lower than the 1.1222 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 1.1154 Fibonacci’s 0.0%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 20 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair remains above the 1.1263 area, the price could rise to 1.1329 Fibonacci’s 423.6%.
Today’s Major Announcements
- The Non-monetary policy’s ECB Meeting could have a strong impact on the euro
- The ADP Employment Change (Jul), the Markit PMI Composite (Jul), the Markit Services PMI (Jul), and the ISM Non-Manufacturing PMI (Jul) announcements will have a medium influence on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1222
- Bearish take profit target: 1.1154
- Stop loss target: 1.1263
- Alternative trend (Bullish): 1.1263
- Bullish take profit target: 1.1329