The EURUSD stabilized close to the 1.0984 zone, Fibonacci’s 100.0%, where the sellers will likely place more pressures to take control of the price. The pair, since the 13th of October 2016, has been oscillating within a downside formation between the range of 1.1058 and 1.0984 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.0984 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 1.0939 Fibonacci’s 161.8%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 20 zone.

eurusd-oct-17-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1011 area, the price could rise to 1.1058 Fibonacci’s 0.0%.

Today’s Major Announcements

  • The euro zone’s Consumer Price Index – Core (YoY) (Sep), the Consumer Price Index (YoY) (Sep) and the ECB President Draghi’s Speech releases are expected to have a strong impact on the euro
  • The Industrial Production (MoM) (Sep), the Capacity Utilization (Sep), and the Fed’s Stanley Fischer Speech announcements will likely have a medium influence on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.0984

·         Bearish take profit target: 1.0939

·         Stop loss target: 1.1011

·         Alternative trend (Bullish): 1.1011

·         Bullish take profit target: 1.1058