The euro and the U.S. dollar are lately oscillating within a bullish formation between the range of 1.1200 and 1.1240 respectively.

Previously, the sellers have placed strong pressures in their attempts of taking control over the price, and managed to lead the pair lower, from 1.1284 to 1.1212.

Probable Scenario

In the scenario where the EURUSD remains above the 1.1240 area, the price could escalate as high as 1.1284, Fibonacci’s 0.0%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 30 zone.

eurusd-sep-12-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.1212 area, the pair could decline as low as 1.1168.

Today’s Major Announcements

  • There are no any major releases either on the euro or the U.S. dollar

Synopsis

  • Probable trend (Bullish): 1.1240
  • Bullish take profit target: 1.1284
  • Stop loss target: 1.1212
  • Alternative trend (Bearish): 1.1212
  • Bearish take profit target: 1.1168