The pair is oscillating within a bullish formation as the buyers have managed to boost the price from the 1.1122 zone to the 1.1161 level.
The price has initially dropped, since the 31st of August 2016, from as high as 1.1161 to as low as 1.1122.
Stabilization and minor bullish attempts are surfacing again slightly close to the 1.1161 level.
Probable Scenario
In the condition where the bulls are able to withhold the price close to the 1.1161 level and exert greater pressures, the pair could appreciate to 1.1185.
Similarly the Stochastic oscillator indicates that the price has greater probabilities to escalate at the 30 level.
Alternative Scenario
In contrast, in the scenario where the pair drops to the 1.1146 area, the bears may place more pressures, and the price could decelerate to 1.1122.
Today’s Major Announcements
- Germany’s Markit Manufacturing PMI (Aug) and euro zone’s Markit Manufacturing PMI (Aug) releases will likely have a medium impact on the euro
- U.S.’s ISM Manufacturing PMI (Aug) and the ISM Prices Paid (Aug) releases are expected to have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.1161
- Bullish take profit target: 1.1185
- Stop loss target: 1.1146
- Alternative trend (Bearish): 1.1146
- Bearish take profit targets: 1.1122