The EURUSD has been mostly oscillating, since the 10th of March 2016, within a bearish formation between the range of 1.1215 and 1.1065 respectively.

The buyers are lately placing their bullish pressures in their attempts to withhold the pair’s price above the 1.1065 level.

The price in now oscillating above the 1.1065 zone which is today’s major pivot point area.

Probable Scenario

In the condition where the pair stabilizes close to the 1.1065 area, the price could be forced to decline to lower zones such as the 1.0972

The stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 40 level.

Alternative Scenario

Alternatively, should the buyers withhold the price above the 1.1065 area and lead the pair higher than the 1.1128 level, the pair could appreciate to1.1215.

Today’s Major Announcements

• The Non-monetary policy’s ECB meeting release is expected to have a strong impact on the euro
• The FOMC Economic Predictions, the Fed Interest Rate Decision, and the Fed’s Monetary Policy Statement and press conference releases are expected to have a strong impact on the U.S. dollar

Synopsis

• Probable trend (Bearish): 1.1065
• Bearish take profit target: 1.0972
• Stop loss target: 1.1128
• Alternative trend (Bullish): 1.1128
• Bullish take profit target: 1.1215