The pair has been recently oscillating between the range of 1.1452 and 1.1365 as both the buyers and the sellers attempted to take control over the price.
The buyers placed greater pressures since the 6th of April 2016 and led the price to rise from 1.1325 to 1.1452. Today’s major pivot point area is the 1.1403 level.
Probable Scenario
The latest stabilization of the pair slightly close to the 1.1403 area is a good indication that the price may retrace to the downside.
In the event where the pair drops, the sellers could lock their profit at 1.1325.
The Stochastic oscillator confirms the downtrend formation thus showing that the pair has greater probabilities of retracing downwards.
Alternative Scenario
In contrast, in the condition where the bullish pressures get more tensed and the pair breaks above the 1.1415 level, the price could rise to 1.1452.
Today’s Major Announcements
- Germany’s Wholesale Price Index (YoY) (Mar), the Wholesale Price Index (MoM) (Mar), the Harmonised Index of Consumer Prices (MoM) (Mar), the Consumer Price Index (YoY) (Mar), the Consumer Price Index (MoM) (Mar), and the Harmonised Index of Consumer Prices (YoY) (Mar) announcements are expected to have a medium impact on the euro
- The Export Price Index (YoY) (Mar), the Export Price Index (MoM) (Mar), the Import Price Index (YoY) (Mar), the Import Price Index (MoM) (Mar), and the Monthly Budget Statement (Mar) releases are expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1403
- Bearish take profit target: 1.1325
- Stop loss target: 1.1415
- Alternative trend (Bullish): 1.1415
- Bullish take profit target: 1.1452