The EURUSD has currently stabilized slightly below the 1.1200 zone, Fibonacci’s 50.0%, where the sellers will likely place pressures to take control the price.

The price, since the 28th of September 2016, has been oscillating within an upside formation between the range of 1.1185 and 1.1220 respectively.

Probable Scenario

The latest formation slightly above the 1.1200 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 100.0%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 60 zone.

eurusd-sep-29-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair resumes above the 1.1219 area, the price could rise to 1.1278 Fibonacci’s 0.0%.

Today’s Major Announcements

  • Germany’s Unemployment Change (Sep), the Unemployment Rate s.a. (Sep), the Harmonised Index of Consumer Prices (YoY) (Sep), the Consumer Price Index (MoM) (Sep), the Harmonised Index of Consumer Prices (MoM) (Sep), and the Consumer Price Index(YoY) (Sep) announcements are expected to have a medium impact on the euro
  • The Gross Domestic Product Annualized (Q2) and the Fed’s Yellen Speech releases are expected to have a strong influence on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.1200

·         Bearish take profit target: 1.1122

·         Stop loss target: 1.1219

·         Alternative trend (Bullish): 1.1219

·         Bullish take profit target: 1.1278