The euro and the U.S. dollar are lately oscillating between the range of 1.1102 and 1.1410 respectively.

The bulls, since the 1st of June 2016, have placed strong pressures in their attempts of taking control over the price and managed to gain 300 plus pips.

Probable Scenario

In the scenario where the EURUSD stabilizes above the 1.1410 area, the price could escalate as high as 1.1607, Fibonacci’s 423.6%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 60 zone.

EURUSD (June 9 2016)

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.1294 area the pair could decline as low as 1.1102.

Today’s Major Announcements

  • Germany’s Imports (MoM) (Apr), the Current Account n.s.a (Apr), the Exports (MoM) (Apr) and the Trade Balance s.a. (Apr) announcements are expected to have a medium impact on the euro. On the other hand, the ECB President Draghi Speech will likely have a major influence on the euro region’s currency.
  • The Initial Jobless Claims (Jun 3) release is expected to have a medium impact on the U.S. dollar

Synopsis

  • Probable trend (Bullish): 1.1410
  • Bullish take profit target: 1.1607
  • Stop loss target: 1.1294
  • Alternative trend (Bearish): 1.1294
  • Bearish take profit target: 1.1102