The EURUSD stabilized below the 1.0604 zone, Fibonacci’s 61.8%, where the sellers will likely place more pressures to take control of the price.

The price, since the 24th of November 2016, has been oscillating within an upside formation between the range of 1.0517 and 1.0657 respectively.

Probable Scenario

The latest formation and stabilization below the 1.0604 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 1.0517 Fibonacci’s 0.0%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 70 zone.

eurusd-nov-29-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.0657 area, the price could rise to 1.0743 Fibonacci’s 161.8%.

Today’s Major Announcements

  • The Harmonized Index of Consumer Prices (YoY) (Nov), the CPI (MoM) (Nov), the CPI (YoY) (Nov), and the Harmonized Index of Consumer Prices (MoM) (Nov) releases are expected to have a medium impact on the euro
  • The GDP Price Index (Q3), the GDP Annualized (Q3), the Personal Consumption Expenditures Prices (QoQ) (Q3), the Core Personal Consumption Expenditures (QoQ) (Q3), the S&P/Case – Shiller Home Price Indices (YoY) (Sep), and the Consumer Confidence (Nov)  releases are expected to have a medium influence on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.0604

·         Bearish take profit target: 1.0517

·         Stop loss target: 1.0657

·         Alternative trend (Bullish): 1.0657

·         Bullish take profit target: 1.0743