The EURUSD has been lately oscillating between the range of 1.1055 and 1.0969 as the bears were able to force the pair slightly lower, thus minimizing their previous losses due to the recent aggressive upside pattern from as low as 1.0823.
The price is currently oscillating slightly above today’s major pivot point area which is the 1.0969 level.
Probable Scenario
The latest stabilization of the pair above the 1.0969 area is a good indication that the price may retrace once again to the upside.
In the scenario where the price appreciates, the buyers could lock their profit at 1.1055 Fibonacci’s 100.0%.
The Stochastic oscillator confirms the uptrend condition thus showing that the price has already approached oversold zones close to the 20 level.
Alternative Scenario
In contrast, in the event where the sellers resume their bearish pressures and the price declines below the 1.0938 zone, the pair could drop to 1.0879.
Today’s Major Announcements
- There are no any major announcements on the euro
- The 10-Year Note Auction release is expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.0969
- Bullish take profit target: 1.1055
- Stop loss target: 1.0938
- Alternative trend (Bearish): 1.0938
- Bearish take profit target: 1.0879