The EURUSD stabilized close to the 1.1009 zone, Fibonacci’s 161.8%, where the sellers will likely place pressures to take control over the price.

The price, since the 4th of November 2016, has been mostly oscillating within a downside pattern between the range of 1.1136 and 1.1009 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.1009 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 1.0934.

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

eurusd-nov-8-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1059 area, the price could rise to 1.1136 Fibonacci’s 0.0%.

Today’s Major Announcements

  • Germany’s Current Account n.s.a (Sep), the Trade Balance s.a (Sep), the Exports (MoM) (Sep), and the Imports (MoM) (Sep) releases are expected to have a medium influence on the euro
  • There are no any major releases on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.1009

·         Bearish take profit target: 1.0934

·         Stop loss target: 1.1059

·         Alternative trend (Bullish): 1.1059

·         Bullish take profit target: 1.1136