The EURUSD has been mostly oscillating, since the 12th of April 2016, within an aggressive bearish formation between the range of 1.1465 and 1.1267 respectively.

Both the buyers and the sellers are now placing strong pressures in their attempts of taking control over the pair’s price.

The price is now oscillating slightly below the 1.1267 zone which is today’s major pivot point area.

Probable Scenario

In the condition where the pair stabilizes below the 1.1267 area, the price could be forced to decline to lower zones such as the 1.1199 level.

The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 30 level.

EURUSD (Apr 14 2016)

Alternative Scenario

Alternatively, should the buyers take the lead and boost the price above the 1.1314 area Fibonacci’s 23.6% the pair could appreciate as high as 1.1388.

Today’s Major Announcements

  • The Euro zone’s Consumer Price Index – Core (YoY) (Mar) and the Consumer Price Index (YoY) (Mar) releases are expected to have a strong impact on the euro
  • The U.S.’s Continuing Jobless Claims (Apr 1), the Initial Jobless Claims (Apr 8), the Consumer Price Index Ex Food & Energy (MoM) (Mar), the Consumer Price Index Ex Food & Energy (YoY) (Mar), the Consumer Price Index (YoY) (Mar), the Consumer Price Index (MoM) (Mar), the Consumer Price Index n.s.a (MoM) (Mar), and the Consumer Price Index Core s.a (Mar) releases are expected to have a medium impact on the U.S. dollar

Synopsis

  • Probable trend (Bearish): 1.1267
  • Bearish take profit target: 1.1199
  • Stop loss target: 1.1314
  • Alternative trend (Bullish): 1.1314
  • Bullish take profit target: 1.1388