The euro and the U.S. dollar are lately oscillating within a stable formation between the range of 1.0967 and 1.1041 respectively.

The bulls have placed strong pressures in their attempts of taking control over the price, and managed to lead the pair from 1.0824 to 1.1041, indeed an astonishing move.

Probable Scenario

In the scenario where the EURUSD stabilizes above the 1.0967 area, the price could escalate as high as 1.1041, Fibonacci’s 100.0%, and 1.1177, Fibonacci’s 161.8%.

The stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 20 zone.

EURUSD (Mar 7 2016)

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.0931 area, the pair could decline as low as 1.0824.

Today’s Major Announcements

  • There are no any announcements that could have an impact on the euro
  • The Labor Market Conditions Index (Feb), the Fed’s Stanley Fischer Speech, and the Consumer Credit Change (Jan) releases are expected to have a medium impact on the U.S. dollar

Synopsis

  • Probable trend (Bullish): 1.0967
  • Bullish take profit targets: 1.1041, 1.1177
  • Stop loss target: 1.0931
  • Alternative trend (Bearish): 1.0931
  • Bearish take profit target: 1.0824