The EURUSD stabilized close to the 1.1365 zone, Fibonacci’s 100.0%, where the sellers will likely place pressures to take control over the price.

The price since the 25th of March 2016 has been aggressively oscillating between the range of 1.1141 and 1.1411 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.1365 level, strong resistance, is a good indication that the sellers may take control over the pair in today’s trading session.

In the event where the pair drops and the sellers take over, the price could decline to 1.1280 Fibonacci’s 61.8%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 20 zone.

EURUSD (Apr 1 2016)

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1411 area, the price could rise to 1.1500 Fibonacci’s 161.8%.

Today’s Major Announcements

  • Germany’s Markit Manufacturing PMI (Mar), Italy’s Unemployment (Feb), Euro zone’s Markit Manufacturing PMI (Mar), and Euro zone’s Unemployment Rate (Feb) releases are expected to have a medium impact on the euro
  • The Nonfarm Payrolls (Mar), the Unemployment Rate (Mar), the ISM Prices Paid (Mar), and the ISM Manufacturing PMI (Mar) releases are expected to have a strong impact on the U.S. dollar

Synopsis

  • Probable trend (Bearish): 1.1365
  • Bearish take profit target: 1.1280
  • Stop loss target: 1.1411
  • Alternative trend (Bullish): 1.1411
  • Bullish take profit target:1.1500