The upside pressures on the EURUSD got more tensed since the 28th of April 2016 where the price climbed from 1.1311 to 1.1396.

Today’s major pivot point area, the 1.1396 zone, is a critical level for the buyers in their attempts of boosting the price once again to the upside.

Probable Scenario

The latest stabilization of the price close to the 1.1396 level is a good indication that the bulls could likely exert momentum to retrace the pair upwards.

Stochastic oscillators’ formation signals that a probable bullish retracement at the 80 level has greater probabilities to occur.

In the event where the pair appreciates, the buyers could set their take profit target at 1.1509.

EURUSD (Apr 29 2016)

Alternative Scenario

Alternatively, a bearish breakout below the 1.1329 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 1.1213 level as their first target.

Today’s Major Announcements

  • Euro zone’s Consumer Price Index – Core (YoY) (Apr)P, and the Consumer Price Index (YoY) (Apr) P releases are expected to have a strong impact on the euro
  • U.S.’s Personal Income (MoM) (Mar), the Personal Consumption Expenditures – Price Index (YoY) (Mar), the Core Personal Consumption Expenditure – Price Index (MoM) (Mar), the Personal Consumption Expenditures – Price Index (MoM) (Mar), the Core Personal Consumption Expenditure – Price Index (YoY) (Mar), the Personal Spending (Mar), the Chicago Purchasing Managers’ Index (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 (Bullish): 1.1396
  • Bullish take profit target: 1.1509
  • Stop loss target: 1.1329
  • Alternative trend (Bearish): 1.1329
  • Bearish take profit target: 1.1213