The bearish pressures got more tensed since the 18th of March 2016, with the price dropping from 1.1342 to 1.1169 which is slightly above today’s major pivot point area the 1.1151 level.

The sellers took the control over the pair and are now attempting to lead it close to the 1.1151 zone.

Probable Scenario

Even though the latest stabilization looks promising for a bullish retracement, the 1.1151, Fibonacci’s 23.6%, seems to be a powerful zone for the sellers.

Stochastic oscillators’ cross close to the 70 level is a good indication that the bearish breakout at the 1.1151 level may have greater chances to occur.

In the event where the pair drops, the sellers could set their take profit target at 1.1091.

EURUSD (Mar 24 2016)

Alternative Scenario

Alternatively, a bullish break-out at the 1.1217 zone could signal that the buyers may exert greater pressures to lead the price to upper zones such as the 1.1342 level.

Today’s Major Announcements

  • The Targeted LTRO release is expected to have a strong impact on the euro
  • The Initial Jobless Claims (Mar 18), the Durable Goods Orders (Feb), the Durable Goods orders ex Transportation (Feb), the Markit Services PMI (Mar), and the Baker Hughes US Oil Rig Count announcements are expected to have a medium influence on the U.S. dollar

Synopsis

  • Probable trend (Bearish): 1.1151
  • Bearish take profit target: 1.1091
  • Stop loss target: 1.1217
  • Alternative trend (Bullish): 1.1217
  • Bullish take profit target: 1.1342