The EURUSD stabilized close to the 1.0685 zone, Fibonacci’s 161.8%, where the sellers will likely place more pressures to take control of the price.

The price, since the 15th of November 2016, has been oscillating within a downside formation between the range of 1.0811 and 1.0685 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.0685 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 1.0609 Fibonacci’s 261.8%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 60 zone.

eurusd-nov-17-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.0734 area, the price could rise to 1.0811 Fibonacci’s 0.0%.

Today’s Major Announcements

  • The ECB Monetary Policy Meeting Accounts release could have a high impact on the euro
  • Fed’s Yellen Testifies, thus this release having a strong impact on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.0685

·         Bearish take profit target: 1.0609

·         Stop loss target: 1.0734

·         Alternative trend (Bullish): 1.0734

·         Bullish take profit target: 1.0811