The euro and the U.S. dollar are lately oscillating within a stable formation between the range of 1.1081 and 1.1174 respectively.

The buyers are placing pressures in their attempts of taking control over the price at the 1.1081 level.

Probable Scenario

In the scenario where the EURUSD remains above the 1.1081 area, the price could escalate as high as 1.1174, Fibonacci’s 423.6%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 50 zone.

eurusd-nov-7-2016

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 1.0933.

Today’s Major Announcements

  • There are no any major releases on the euro
  • The Labor Market Conditions Index (Oct) and the Consumer Credit Change (Sep) releases are expected to have a medium impact on the U.S. dollar

Synopsis

·         Probable trend (Bullish): 1.1081

·         Bullish take profit target: 1.1174

·         Stop loss target: 1.1024

·         Alternative trend (Bearish): 1.1024

·         Bearish take profit target: 1.0933