The price is in a constant deceleration mode as the sellers have been able to patiently and steadily force the pair to lower zones.

The pair has slightly escalated since yesterday’s trading session from as low as 1.1233 to as high as 1.1286.

Stabilization and minor bullish attempts are surfacing again slightly below the 1.1286 level which is today’s major pivot point area.

Probable Scenario

In the condition where the bulls are able to withhold the price close to the 1.1286 zone and exert greater pressures, the pair could appreciate to 1.1375.

Similarly, the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 50 level.

Alternative Scenario

In contrast, in the scenario where the pair drops to the 1.1233 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 1.1145 zone.

Today’s Major Announcements

• Euro zone’s Trade Balance n.s.a (Feb) and the Trade Balance s.a. (Feb) releases are expected to have a medium impact on the euro
• U.S.’s Industrial Production (MoM) (Mar), the Capacity Utilization (Mar), and the Baker Hughes US Oil Rig Count announcements will likely have a medium impact on the U.S. dollar

Synopsis

• Probable trend (Bullish): 1.1286
• Bullish take profit target: 1.1375
• Stop loss target: 1.1233
• Alternative trend (Bearish): 1.1233
• Bearish take profit target: 1.1145