The EURUSD stabilized close to the 1.1406 zone, Fibonacci’s 23.6%, where the sellers will likely place pressures to take control over the price.

The price, since the 3rd of May 2016, has been aggressively oscillating within a downside formation between the range of 1.1619 and 1.1406 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.1406 level 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 1.1344 Fibonacci’s 0.0%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 50 zone.

EURUSD (May 6 2016)

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1451 area, the price could rise to 1.1511 Fibonacci’s 61.8%.

Today’s Major Announcements

  • There are no any major releases that could have an impact on the euro
  • The Nonfarm Payrolls (Apr) and the Unemployment Rate (Apr) releases are expected to have a strong impact on the U.S. dollar

Synopsis

  • Probable trend (Bearish): 1.1406
  • Bearish take profit target: 1.1344
  • Stop loss target: 1.1451
  • Alternative trend (Bullish): 1.1451
  • Bullish take profit target: 1.1511