The pair is more or less within a stable formation as the bulls have managed to withhold the price above the 1.1355 level.

The price has initially dropped, since yesterday’s trading session, from as high as 1.1452 to as low as 1.1355 and thereafter almost closer to the 1.1324 level.

Stabilization and minor bullish attempts are surfacing again slightly above the 1.1355 level.

Probable Scenario

In the condition where the bulls are able to withhold the price close to the 1.1355 level and exert greater pressures, the pair could appreciate to 1.1452.

Similarly the Stochastic oscillator indicates that the price has greater probabilities to escalate at the 30 level.

Alternative Scenario

In contrast, in the scenario where the pair drops to the 1.1324 area, the bears may place more pressures, and the price could decelerate to 1.1275.

Today’s Major Announcements

• Germany’s Exports (MoM) (Feb), the Trade Balance s.a. (Feb), the Current Account n.s.a (Feb), and the Import’s (MoM) (Feb) releases will likely have a medium impact on the euro
• The Baker Hughes US Oil Rig Count announcement is expected to have a medium impact on the U.S. dollar

Synopsis

• Probable trend (Bullish): 1.1355
• Bullish take profit targets: 1.1452
• Stop loss target: 1.1324
• Alternative trend (Bearish): 1.1324
• Bearish take profit targets: 1.1275