The EURUSD stabilized close to the 1.1162 zone, Fibonacci’s 161.8%, where the sellers will likely place pressures to take control over the price.
The price, since the 26th of August 2016, has been mostly oscillating within a downside pattern between the range of 1.1332 and 1.1162 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1162 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 1.1034 Fibonacci’s 261.8%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 75 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1241 area, the price could rise to 1.1366 Fibonacci’s 0.0%.
Today’s Major Announcements
- There are no any announcements on the euro
- The Personal Consumption Expenditure – Price Index (YoY) (Jul), the Core Personal Consumption Expenditure – Price Index (MoM) (Jul), the Personal Consumption Expenditure – Price Index (MoM) (Jul), the Personal Income (MoM) (Jul), the Personal Spending (Jul), the Core Personal Consumption Expenditure – Price Index (YoY) (Jul), and the Dallas Fed Manufacturing Business Index (Aug) releases are expected to have a medium influence on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1162
- Bearish take profit target: 1.1034
- Stop loss target: 1.1241
- Alternative trend (Bullish): 1.1241
- Bullish take profit target: 1.1366