The euro and the U.S. dollar are lately oscillating within a stable formation between the range of 1.1240 and 1.1212 respectively.

The sellers have placed strong pressures in their attempts of taking control over the price, and managed to lead the pair lower, from 1.1267 to 1.1212.

Probable Scenario

In the scenario where the EURUSD rises close to and breaks above the 1.1240 area, the price could escalate as high as 1.1285, Fibonacci’s 0.0%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 80 zone.

eurusd-sep-14-2016

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 1.1169.

Today’s Major Announcements

  • France’s Consumer Price Index (EU norm) final (YoY) (Aug), the euro zone’s Industrial Production w.d.a (YoY) (Jul), and the Industrial Production s.a. (MoM) (Jul) releases could have a medium impact on the euro
  • U.S.’s Export Price Index (MoM) (Aug), the Import Price Index (YoY) (Aug), the Import Price Index (MoM) (Aug), the Export Price Index (YoY) (Aug), and the EIA Crude Oil Stocks Change (Sep 9) releases are expected to have a medium impact on the U.S. dollar

Synopsis

  • Probable trend (Bullish): 1.1240
  • Bullish take profit target: 1.1285
  • Stop loss target: 1.1212
  • Alternative trend (Bearish): 1.1212
  • Bearish take profit target: 1.1169