The EURUSD stabilized slightly above the 1.1114 zone, Fibonacci’s 261.8%, where the sellers will likely place pressures to take control of the price.
The price, since the 15th of September 2016, has been bearish between the ranges of 1.1284 and 1.1178 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1114 level is a good indication that the sellers may lead the pair in today’s trading session.
In the event where the pair drops and the sellers take over, the price could decline to 1.1007.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 80 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1178 area, the price could rise to 1.1284 Fibonacci’s 0.0%.
Today’s Major Announcements
- There are no any releases on the euro
- The NZHB Housing Market Index (Sep) release is expected to have a medium influence on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1114
- Bearish take profit target: 1.1007
- Stop loss target: 1.1178
- Alternative trend (Bullish): 1.1178
- Bullish take profit target: 1.1284