The price is in a constant appreciation mode as the buyers have been able to patiently and steadily lead the pair to upper zones.

The pair has been rising since the 24th of March 2016 from as low as 1.1142 to as high as 1.1274.

Stabilization and minor bullish attempts are surfacing again slightly above the 1.1274 level which is today’s major pivot point area.

Probable Scenario

In the condition where the bulls are able to withhold the price above the 1.1274 zone and exert greater pressures, the pair could appreciate to 1.1353.

Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 80 level.

Alternative Scenario

In contrast, in the scenario where the pair drops below the 1.1223 area and the bears place more pressures taking advantage of the bearish volatility, the price could decelerate to the 1.1142 zone.

Today’s Major Announcements

• Germany’s Consumer Price Index (YoY) (Mar) release is expected to have a strong impact on the euro
• The ADP Employment Change (Mar) release is expected to have a medium impact on the U.S. dollar

Synopsis

• Probable trend (Bullish): 1.1274
• Bullish take profit target: 1.1353
• Stop loss target: 1.1223
• Alternative trend (Bearish): 1.1223
• Bearish take profit target: 1.1142