The EURUSD stabilized close to the 1.1288 zone, Fibonacci’s 23.6%, where the sellers will likely place pressures to take control over the price.

The price, since the 20th of April 2016, has been mostly oscillating within a downside pattern between the range of 1.1374 and 1.1288 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.1288 level, strong resistance, is a good indication that the sellers may take control over the pair in today’s trading session.

In the event where the pair drops and the sellers take over, the price could decline to 1.1233 Fibonacci’s 0.0%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 20 zone.

EURUSD (Apr 21 2016)

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1320 area, the price could rise to 1.1374 Fibonacci’s 61.8%.

Today’s Major Announcements

  • ECB’s Interest Rate Decision (Apr 21) release is expected to have a strong impact on the euro
  • The Continuing Jobless Claims (Apr 8), the Initial Jobless Claims (Apr 15), the Philadelphia Fed Manufacturing Survey (Apr), the Housing Price Index (MoM) (Feb) and the CB Leading Indicator (MoM) (Mar) releases are expected to have a medium impact on the U.S. dollar

Synopsis

  • Probable trend (Bearish): 1.1288
  • Bearish take profit target: 1.1233
  • Stop loss target: 1.1320
  • Alternative trend (Bullish): 1.1320
  • Bullish take profit target:1.1374