The EURUSD stabilized close to the 1.1044 zone, Fibonacci’s 161.8%, where the sellers will likely place pressures to take control over the price.

The price, since the 11th of October 2016, has been mostly oscillating within a downside pattern between the range of 1.1101 and 1.1044 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.1044 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 1.0947.

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

eurusd-oct-13-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1101 area, the price could rise to 1.1199 Fibonacci’s 0.0%.

Today’s Major Announcements

  • Germany’s Harmonized Index of Consumer Prices (MoM) (Sep), the Consumer Price Index (YoY) (Sep), the Consumer Price Index (MoM) (Sep), and the Harmonized Index of Consumer Prices (YoY) (Sep) announcements are expected to have a medium impact on the euro
  • The Initial Jobless Claims (Oct 7), the Import Price Index (YoY) (Sep), the Export Price Index (MoM) (Sep), the Export Price Index (YoY) (Sep), the Import Price Index (MoM) (Sep), the FOMC Member Harker Speech, and the Monthly Budget Statement (Sep) announcements are expected to have a medium influence on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.1044

·         Bearish take profit target: 1.0947

·         Stop loss target: 1.1101

·         Alternative trend (Bullish): 1.1101

·         Bullish take profit target: 1.1199