The euro and the U.S. dollar are lately oscillating between the range of 1.1294 and 1.1132 respectively.

The bulls, since the 16th of June 2016, have placed strong pressures in their attempts of taking control over the price, and managed to lead the pair from 1.1132 to 1.1272.

Probable Scenario

In the scenario where the EURUSD stabilizes above the 1.1232 area, the price could escalate as high as 1.1294 and 1.1394.

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

EURUSD (June 17 2016)

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.1194 area the pair could decline as low as 1.1132.

Today’s Major Announcements

  • ECB President Draghi’s Speech could have a strong impact on the euro
  • U.S.’s Housing Starts (MoM) (May), the Building Permits (MoM) (May), and the Baker Hughes US Oil Rig Count announcements will likely have a medium impact on the U.S. dollar

Synopsis

  • Probable trend (Bullish): 1.1232
  • Bullish take profit targets: 1.1294, 1.1394
  • Stop loss target: 1.1194
  • Alternative trend (Bearish): 1.1194
  • Bearish take profit target: 1.1132