The pair has been recently oscillating between the range of 1.1616 and 1.1357 as the sellers took the absolute control over the price.

The buyers placed greater pressures since the 9th of May 2016 and are now holding the price above the 1.1357 zone. Today’s major pivot point area is the 1.1416 level.

Probable Scenario

The latest stabilization of the pair slightly close to and below the 1.1416 area is a good indication that the price may retrace to the downside.

In the event where the pair drops, the sellers could lock their profit at 1.1215.

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 1.1462 level, the price could rise to 1.1616.

Today’s Major Announcements

• There are no any releases that could have an impact on the euro
• The 10-Year Note Auction and the Monthly Budget Statement (Apr) releases are expected to have a medium impact on the U.S. dollar

Synopsis

• Probable trend (Bearish): 1.1416
• Bearish take profit target: 1.1215
• Stop loss target: 1.1462
• Alternative trend (Bullish): 1.1462
• Bullish take profit target: 1.1616