The EURUSD stabilized close to the 1.1150 zone, Fibonacci’s 61.8%, where the sellers will likely place pressures to take control over the price.

The price, since the 1st of June 2016, has been aggressively oscillating within a bullish formation between the range of 1.1114 and 1.1209 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.1150 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 1.1114 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 (June 3 2016)

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1173 area, the price could rise to 1.1209 Fibonacci’s 161.8%.

Today’s Major Announcements

  • Spain’s Markit Services PMI (May), the Germany’s Markit Services PMI (May) and Markit PMI Composite (May), and euro zone’s Markit Services PMI (May) and Markit PMI Composite (May) releases are expected to have a medium impact on the euro
  • The Unemployment Rate (May) and the Nonfarm Payrolls (May) releases are expected to have a strong impact on the U.S. dollar

Synopsis

  • Probable trend (Bearish): 1.1150
  • Bearish take profit target: 1.1114
  • Stop loss target: 1.1173
  • Alternative trend (Bullish): 1.1173
  • Bullish take profit target: 1.1209