Can the buyers lead the EURUSD at 1.1081?

The euro and the U.S. dollar are lately oscillating within a bullish formation between the range of 1.0935 and 1.1081 respectively.

Lately, the buyers have placed strong pressures in their attempts of taking control over the price, and managed to force the pair higher, from 1.1024 to 1.1081.

Probable Scenario

In the scenario where the EURUSD resumes above the 1.1081 area, the price could escalate as high as 1.1170, Fibonacci’s 423.6%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 25 zone.

eurusd-nov-4-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.1024 area, the pair could decline as low as 1.0935.

Today’s Major Announcements

  • The euro zone’s Markit Services PMI (Oct), the Markit PMI Composite (Oct), the Producer Price Index (MoM) (Sep), and the Producer Price Index (YoY) (Sep) releases could have a medium impact on the euro
  • The Nonfarm Payrolls (Oct) and the Unemployment Rate (Oct) releases are expected to have a strong influence on the U.S. dollar

Synopsis

·         Probable trend (Bullish): 1.1081

·         Bullish take profit target: 1.1170

·         Stop loss target: 1.1024

·         Alternative trend (Bearish): 1.1024

·         Bearish take profit target: 1.0935