The EURUSD stabilized slightly above the 1.1231 zone, Fibonacci’s 100.0%, where the sellers will likely exert their pressures to take control over the price.

The price, since the 7th of September 2016, has been oscillating within a bullish formation between the range of 1.1231 and 1.1326 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.1231 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 1.1168 Fibonacci’s 161.8%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 65 zone.

eurusd-sep-9-2016

 

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair remains above the 1.1266 area, the price could rise to 1.1326 Fibonacci’s 0.0%.

Today’s Major Announcements

  • Germany’s Current Account n.s.a (Jul), the Exports (MoM) (Jul), the Trade Balance s.a. (Jul) and the Imports (MoM) (Jul) releases could have a medium impact on the euro
  • The Baker Hughes US Oil Rig Count release is expected to have a medium impact on the U.S. dollar

Synopsis

  • Probable trend (Bearish): 1.1231
  • Bearish take profit target: 1.1168
  • Stop loss target: 1.1266
  • Alternative trend (Bullish): 1.1266
  • Bullish take profit target: 1.1326