The EURUSD has currently stabilized slightly below the 1.1243 zone, Fibonacci’s 61.8%, where the sellers will likely place pressures to take control the price.
The price, since the 15th of September 2016, has been oscillating within a downside formation between the range of 1.1284 and 1.1243 respectively.
Probable Scenario
The latest formation below the 1.1243 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 1.1219 Fibonacci’s 100.0%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 65 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair resumes above the 1.1251 area, the price could rise to 1.1284 Fibonacci’s 0.0%.
Today’s Major Announcements
- The euro zone’s Labour Cost (Q2) release is expected to have a medium impact on the euro
- The Consumer Price Index (YoY) (Aug), the Consumer Price Index Ex Food & Energy (YoY) (Aug), and the Reuters/Michigan Consumer Sentiment Index (Sep) releases are expected to have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1243
- Bearish take profit target: 1.1219
- Stop loss target: 1.1251
- Alternative trend (Bullish): 1.1251
- Bullish take profit target: 1.1284