The euro and the U.S. dollar are lately oscillating between the range of 1.1171 and 1.1217 respectively.

The bulls, since the 30th of May 2016, have placed strong pressures in their attempts of taking control over the price, and managed to lead the pair from 1.1098 to 1.1217.

Probable Scenario

In the scenario where the EURUSD stabilizes above the 1.1217 area, the price could escalate as high as 1.1287, Fibonacci’s 161.8%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 80 zone.

EURUSD (June 2 2016)

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.1171 area the pair could decline as low as 1.1098.

Today’s Major Announcements

  • The ECB Interest Rate Decision (Jun 2), the ECB Deposit Rate Decision, and the ECB Monetary Policy Statement and Press Conference releases could have a strong impact on the euro
  • U.S.’s Initial Jobless Claims (May 27) and ADP Employment Change (May) announcements will likely have a medium impact on the U.S. dollar

Synopsis

  • Probable trend (Bullish): 1.1217
  • Bullish take profit target: 1.1287
  • Stop loss target: 1.1171
  • Alternative trend (Bearish): 1.1171
  • Bearish take profit target: 1.1098