The EURUSD stabilized close to the 1.0904 zone, Fibonacci’s 161.8%, where the sellers will likely place more pressures to take control of the price.
The price, since the 20th of October 2016, has been oscillating within a downside formation between the range of 1.1039 and 1.0860 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.0904 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 1.0816 Fibonacci’s 261.8%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 35 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.0952 area, the price could rise to 1.1039 Fibonacci’s 0.0%.
Today’s Major Announcements
- There are no any announcements on the euro
- The Durable Goods Orders (Sep) and the Durable Goods Orders ex Transportation (Sep) releases are expected to have a strong influence on the U.S. dollar
Synopsis
· Probable trend (Bearish): 1.0904
· Bearish take profit target: 1.0816
· Stop loss target: 1.0952
· Alternative trend (Bullish): 1.0952
· Bullish take profit target: 1.1039