The upside pressures on the EURUSD got more tensed since the 6th of April 2016 where the price climbed from 1.1326 to 1.1452.

Today’s major pivot point area, the 1.1404 zone, is a critical level for the buyers in their attempts of boosting the price once again to the upside.

Probable Scenario

The latest stabilization of the price above the 1.1404 level is a good indication that the bulls could likely exert momentum to lead the pair upwards.

Stochastic oscillators’ formation signals that a probable bullish retracement at the 40 level has greater probabilities to occur.

In the event where the pair appreciates, the buyers could set their take profit target at 1.1452.

Alternative Scenario

Alternatively, a bearish break-out at the 1.1374 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 1.1326 level as their first target.

Today’s Major Announcements

• There are no any releases on the euro.
• The Treasury Sec Lew Speech announcement is expected to have a medium impact on the U.S. dollar

Synopsis

• Probable trend (Bullish): 1.1404
• Bullish take profit target: 1.1452
• Stop loss target: 1.1374
• Alternative trend (Bearish): 1.1374
• Bearish take profit target: 1.1326