The EURUSD stabilized below the 1.0868 zone, Fibonacci’s 161.8%, where the sellers will likely place more pressures to take control of the price.

The price, since the 9th of November 2016, has been oscillating within a downside formation between the range of 1.1298 and 1.0868 respectively.

Probable Scenario

The latest formation and stabilization below the 1.0868 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 1.0604 Fibonacci’s 261.8%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 35 zone.

eurusd-nov-14-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1029 area, the price could rise to 1.1298 Fibonacci’s 0.0%.

Today’s Major Announcements

  • The ECB President Draghi’s Speech will likely have a strong impact on the euro
  • There are no any releases on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.0868

·         Bearish take profit target: 1.0604

·         Stop loss target: 1.1029

·         Alternative trend (Bullish): 1.1029

·         Bullish take profit target: 1.1298