The price is in a constant deceleration mode as the sellers have been able to patiently and steadily force the pair to lower zones.

Stabilization and minor bullish attempts are surfacing again slightly below the 1.1165 level which is today’s major pivot point area.

Probable Scenario

In the condition where the bulls are able to withhold the price close to the 1.1165 zone and exert greater pressures, the pair could appreciate to 1.1232.

Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 30 level.

Alternative Scenario

In contrast, in the scenario where the pair drops to the 1.1123 area and the bears place more pressures taking advantage of the bearish volatility, the price could decelerate to the 1.1056 zone.

Today’s Major Announcements

• There are no any major releases on the euro
• The Core Personal Consumption Expenditure – Price Index (YoY) (Feb) release is expected to have a strong impact on the U.S. dollar

Synopsis

• Probable trend (Bullish): 1.1165
• Bullish take profit target: 1.1232
• Stop loss target: 1.1123
• Alternative trend (Bearish): 1.1123
• Bearish take profit target: 1.1056