The EURUSD stabilized below the 1.0985 zone, Fibonacci’s 161.8%, where the sellers will likely place more pressures to take control of the price.
The price, since the 28th of October 2016, has been oscillating within an upside formation between the range of 1.0881 and 1.0985 respectively.
Probable Scenario
The latest formation and stabilization below the 1.0985 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 1.0881 Fibonacci’s 0.0%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 60 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1050 area, the price could rise to 1.1155 Fibonacci’s 423.6%.
Today’s Major Announcements
- Euro zone’s Gross Domestic Product s.a. (QoQ) (Q3), the Gross Domestic Product s.a. (YoY) (Q3), the Consumer Price Index (YoY) (Oct), and the Consumer Price Index – Core (YoY) (Oct) releases are expected to have a strong impact on the euro
- The Personal Income (MoM) (Sep), the Personal Consumption Expenditures – Price Index (YoY) (Sep), the Core Personal Consumption Expenditure Price Index (MoM) (Sep), the Personal Consumption Expenditures – Price Index (MoM) (Sep), and the Personal Spending (Sep) releases are expected to have a medium influence on the dollar
Synopsis
· Probable trend (Bearish): 1.0985
· Bearish take profit target: 1.0881
· Stop loss target: 1.1050
· Alternative trend (Bullish): 1.1050
· Bullish take profit target: 1.1155