The EURUSD stabilized close to the 1.1310 zone, Fibonacci’s 23.6%, where the sellers will likely place pressures to take control over the price.
The price, since the 4th of May 2016, has been oscillating within a downside formation between the range of 1.1500 and 1.1310 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1310 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 1.1213 Fibonacci’s 0.0%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 60 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1369 area, the price could rise to 1.1462 Fibonacci’s 61.8%.
Today’s Major Announcements
- There are no any major releases that could have an impact on the euro
- The NAHB Housing Market Index (May) release is expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1310
- Bearish take profit target: 1.1213
- Stop loss target: 1.1369
- Alternative trend (Bullish): 1.1369
- Bullish take profit target: 1.1462