The upside pressures on the EURUSD got more tensed since the 21st of June 2016 where the price climbed from 1.1237 to 1.1348.
Today’s major pivot point area, the 1.1348 zone, is a critical level for the buyers in their attempts of boosting the price once again to the upside.
Probable Scenario
The latest stabilization of the price close to the 1.1348 level is a good indication that the bulls could likely exert momentum to retrace the pair upwards.
Stochastic oscillators’ formation signals that a probable bullish retracement at the 70 level has greater probabilities to occur.
In the event where the pair appreciates, the buyers could set their take profit target at 1.1418.
Alternative Scenario
Alternatively, a bearish break-out below the 1.1306 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 1.1237 level as their first target.
Today’s Major Announcements
- Euro zone’s Targeted LTRO release is expected to have a strong impact on the euro
- The Chicago Fed National Activity Index (May), the Initial Jobless Claims (Jun 17), the Markit Manufacturing PMI (Jun), the CB Leading Indicator (MoM) (May), the New Home Sales (MoM) (May), the New Home Sales Change (MoM) (May) announcements are expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.1348
- Bullish take profit target: 1.1418
- Stop loss target: 1.1306
- Alternative trend (Bearish): 1.1306
- Bearish take profit target: 1.1237