The EURUSD stabilized close to the 1.1305 zone, Fibonacci’s 161.8%, where the sellers will likely place pressures to take control of the price.
The price, since the 17th of June 2016, has been bullish between the ranges of 1.1222 and 1.1384 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1305 level is a good indication that the sellers may lead the pair in today’s trading session.
In the event where the pair drops and the sellers take over, the price could decline to 1.1222 Fibonacci’s 0.0%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 55 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1354 area, the price could rise to 1.1437 Fibonacci’s 423.6%.
Today’s Major Announcements
ü ECB President Draghi’s Speech is expected to have a strong impact on the euro
ü Fed’s Yellen testifies, thus having a major influence on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1305
- Bearish take profit target: 1.1222
- Stop loss target: 1.1354
- Alternative trend (Bullish): 1.1354
- Bullish take profit target: 1.1437