The euro and the U.S. dollar are lately oscillating between the range of 1.1070 and 1.1161 respectively.
The bulls, since the 9th of August 2016, have placed strong pressures in their attempts of taking control over the price, and managed to boost the pair from as low as 1.1070 to as high as 1.1191.
Probable Scenario
In the scenario where the EURUSD stabilizes above the 1.1161 area, the price could escalate as high as 1.1217, Fibonacci’s 161.8%.
The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 35 zone.
Alternative Scenario
Alternatively, should the sellers take the lead and force the price below the 1.1126 area the pair could decline as low as 1.1070.
Today’s Major Announcements
- Germany’s 10-y Bond Auction announcement is expected to have a medium impact on the euro
- U.S.’s Initial Jobless Claims (Aug 5), the Import Price Index (YoY) (Jul), the Export Price Index (MoM) (Jul), the Export Price Index (YoY) (Jul), and the Import Price Index (MoM) (Jul) announcements could have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.1161
- Bullish take profit target: 1.1217
- Stop loss target: 1.1126
- Alternative trend (Bearish): 1.1126
- Bearish take profit target: 1.1070