The EURUSD stabilized close to the 1.1291 zone, Fibonacci’s 161.8%, where the sellers will likely place more pressures to take control of the price.

The price, since the 9th of June 2016, has been aggressively oscillating within a downside formation between the range of 1.1415 and 1.1291 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.1291 level is a good indication that the sellers may take control over the pair in today’s trading session as well.

In the event where the pair drops and the sellers take over, the price could decline to 1.1214 Fibonacci’s 261.8%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 20 zone.

EURUSD (June 10 2016)

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1338 area, the price could rise to 1.1415 Fibonacci’s 0.0%.

Today’s Major Announcements

  • Germany’s Wholesale Price Index (YoY) (May), the Wholesale Price Index (MoM) (May), the Consumer Price Index (YoY) (May), the Consumer Price Index (MoM) (May), the Harmonized Index of Consumer Prices (YoY) (May), the Harmonized Index of Consumer Prices (MoM) (May), the German Buba President Weidmann Speech announcements are expected to have a medium impact on the euro
  • The Monthly Budget Statement (May) is expected to have a medium influence on the U.S. dollar

Synopsis

  • Probable trend (Bearish): 1.1291
  • Bearish take profit target: 1.1214
  • Stop loss target: 1.1338
  • Alternative trend (Bullish): 1.1338
  • Bullish take profit target: 1.1415