The price is in a constant acceleration mode as the buyers were able to patiently and steadily lead the pair to higher zones.

The pair has slightly stabilized, since yesterday’s trading session, at 1.1356.

Stabilization and minor bullish attempts are surfacing again slightly above the 1.1356 level which is today’s major pivot point area.

Probable Scenario

In the condition where the bulls are able to withhold the price close to the 1.1356 zone and exert greater pressures, the pair could appreciate to 1.1492.

Similarly, the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 70 level.

Alternative Scenario

In contrast, in the scenario where the pair drops to the 1.1270 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 1.1137 zone.

Today’s Major Announcements

• There are no any releases that could impact the euro
• U.S.’s 10-Year Note Auction announcement will likely have a medium impact on the U.S. dollar

Synopsis

• Probable trend (Bullish): 1.1356
• Bullish take profit target: 1.1492
• Stop loss target: 1.1270
• Alternative trend (Bearish): 1.1270
• Bearish take profit target: 1.1137