The EURUSD stabilized below the 1.1213 zone, Fibonacci’s 100.0%, where the sellers will likely place more pressures to take control of the price.

The price, since the 26th of September 2016, has been oscillating within a downside formation between the range of 1.1270 and 1.1213 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.1213 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 1.1122 Fibonacci’s 0.0%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 35 zone.

eurusd-sep-28-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1270 area, the price could rise to 1.1359 Fibonacci’s 261.8%.

Today’s Major Announcements

  • The ECB President Draghi’s Speech is expected to have a strong influence on the euro
  • The Durable Goods Orders (Aug), the Fed’s Yellen Testimonial, and the EIA Crude Oil Stocks Change (Sep 23) announcements will likely have a strong influence on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.1213

·         Bearish take profit target: 1.1122

·         Stop loss target: 1.1270

·         Alternative trend (Bullish): 1.1270

·         Bullish take profit target: 1.1359