The EURUSD stabilized close to the 1.1367 zone, Fibonacci’s 38.2%, where the sellers will likely place pressures to take control over the price.
The price since the 4th of May 2016 has been oscillating bearish between the range of 1.1527 and 1.1367 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1367 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 1.1214 Fibonacci’s 0.0%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 30 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1417 area, the price could rise to 1.1616 Fibonacci’s 100.0%.
Today’s Major Announcements
- Euro zone’s Gross Domestic Product s.a. (YoY) (Q1) and the Gross Domestic Product s.a. (QoQ) (Q1) releases are expected to have a strong impact on the euro
- U.S.’s Retail Sales ex Autos (MoM) (Apr) release is expected to have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1367
- Bearish take profit target: 1.1214
- Stop loss target: 1.1417
- Alternative trend (Bullish): 1.1417
- Bullish take profit target: 1.1616