The pair has been recently oscillating between the range of 1.1375 and 1.1289 as both the buyers and the sellers attempted to take control over the price.

The buyers and the sellers placed great pressures since yesterday’s trading session and forced the price to perform an aggressive rise and drop respectively. Today’s major pivot point area is the 1.1289 level.

Probable Scenario

The latest stabilization of the pair slightly above the 1.1289 area is a good indication that the price may retrace once again to the downside.

In the event where the pair drops, the sellers could lock their profit at 1.1233.

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 1.1322 level, the price could rise to 1.1375.

Today’s Major Announcements

• Germany’s Markit PMI Composite (Apr), Markit Services PMI (Apr), Markit Manufacturing PMI (Apr), Euro zone’s Markit Manufacturing PMI (Apr), Markit Services PMI (Apr), Markit PMI Composite (Apr), the Euro-group Meeting, and the EcoFin Meeting releases are expected to have a medium impact on the euro
• The Markit Manufacturing PMI (Apr) and the Baker Hughes US Oil Rig Count announcements are expected to have a medium impact on the U.S. dollar

Synopsis

• Probable trend (Bearish): 1.1289
• Bearish take profit target: 1.1233
• Stop loss target: 1.1322
• Alternative trend (Bullish): 1.1322
• Bullish take profit target: 1.1375