The price is in a constant acceleration mode as the buyers have been able to patiently and steadily lead the pair to higher zones.
The pair has escalated, since the 1st of September 2016, from as low as 1.1127 to as high as 1.1187.
Stabilization and minor bullish attempts are surfacing again slightly close to the 1.1225 level which is today’s major pivot point area.
Probable Scenario
In the condition where the bulls are able to lead the price above the 1.1225 zone and exert greater pressures, the pair could appreciate to 1.1288.
Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 70 level.
Alternative Scenario
In contrast, in the scenario where the pair drops to the 1.1187 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 1.1127 zone.
Today’s Major Announcements
- Italy’s Gross Domestic Product (YoY) (Q2), the Gross Domestic Product (QoQ) (Q2), and the euro zone’s Producer Price Index (YoY) (Jul) releases will likely have a medium impact on the euro
- The Unemployment Rate (Aug) and the Nonfarm Payrolls (Aug) releases are expected to have a strong influence on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.1225
- Bullish take profit target: 1.1288
- Stop loss target: 1.1187
- Alternative trend (Bearish): 1.1187
- Bearish take profit target: 1.1127