The pair is oscillating within a stable formation as the buyers and the sellers have managed to lead the price accordingly between the range of 1.1269 and 1.1213.
The price has initially dropped, since the 22nd of September 2016, from as high as 1.1255 to as low as 1.1200.
Stabilization and minor bullish attempts are surfacing again slightly close to the 1.1269 level.
Probable Scenario
In the condition where the bulls are able to withhold the price close to the 1.1269 level and exert greater pressures, the pair could appreciate to 1.1359.
Similarly the Stochastic oscillator indicates that the price has greater probabilities to escalate at the 30 level.
Alternative Scenario
In contrast, in the scenario where the pair drops to the 1.1213 area, the bears may place more pressures, and the price could decelerate to 1.1124.
Today’s Major Announcements
- The ECB President Draghi’s speech is expected to have a strong impact on the euro
- The New Home Sales (MoM) (Aug) and the New Home Sales Change (MoM) (Aug) releases are expected to have a medium influence on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.1269
- Bullish take profit target: 1.1359
- Stop loss target: 1.1213
- Alternative trend (Bearish): 1.1213
- Bearish take profit targets: 1.1124