The EURUSD stabilized close to the 1.0857 zone, Fibonacci’s 261.8%, 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 1.1036 and 1.0857 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.0857 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 1.0746 Fibonacci’s 423.6%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 50 zone.

eurusd-oct-28-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.0926 area, the price could rise to 1.1036 Fibonacci’s 0.0%.

Today’s Major Announcements

  • The French Gross Domestic Product (YoY) (Q3), the Gross Domestic Product (QoQ) (Q3), Germany’s Consumer Price Index (YoY) (Oct), the Consumer Price Index (MoM) (Oct), the Harmonized Index of Consumer Prices (YoY) (Oct), and the Harmonized Index of Consumer Prices (MoM) (Oct) releases are expected to have a medium influence on the euro
  • The Gross Domestic Product Annualized (Q3) release is expected to have a strong impact on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.0857

·         Bearish take profit target: 1.0746

·         Stop loss target: 1.0926

·         Alternative trend (Bullish): 1.0926

·         Bullish take profit target: 1.1036