The pair has been, since the 29th of January 2016, oscillating mostly between the range of 1.0825 and 1.0945, with the buyers having made good profit from this upside move.
Today’s major pivot point area is the 1.0898 zone.
Probable Scenario
The latest stabilization of the EURUSD above the 1.0898 level is a good indication that the bulls could likely lead the price once again to the upside.
In the event where the pair appreciates, it could rise as high as 1.0968, Fibonacci’s 100.0%.
The Stochastic oscillator also validates the uptrend formation showing that the price may likely retrace upwards.
Alternative Scenario
Alternatively, in the event where the buyers are not able to take the lead, and the bears resume their latest downside pressures below the 1.0876 level, the pair could drop to 1.0855 and 1.0830.
Today’s Major Announcements
- The ADP Employment Change (Jan), the Markit PMI Composite (Jan), the Markit Services PMI (Jan), the ISM Non-Manufacturing PMI (Jan), and the EIA Crude Oil Stocks change (Jan 29) releases are expected to have a medium impact on the U.S. dollar
- The Non-monetary policy’s ECB meeting is expected to have a major impact on the euro
Synopsis
- Probable trend (Bullish):1.0898
- Bullish take profit target: 1.0968
- Stop loss target:1.0876
- Alternative trend (Bearish): 1.0876
- Bearish take profit targets:1.0855, 1.0830