The EURUSD stabilized close to the 1.1014 zone, Fibonacci’s 61.8%, where the buyers will likely place pressures to take control over the price.
The price, since the 24th of June 2016, has been mostly oscillating within a downside pattern between the range of 1.1183 and 1.1014 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.0914 level is a good indication that the sellers may take control over the pair in today’s trading session.
In the event where the pair drops and the sellers take over, the price could decline to 1.0750 Fibonacci’s 161.8%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 20 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1014 area, the price could rise to 1.1183 Fibonacci’s 0.0%.
Today’s Major Announcements
- The ECB President Draghi’s Speech is expected to have a strong impact on the euro
- The Bank Stress Test Info is expected to have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.0914
- Bearish take profit target: 1.0750
- Stop loss target: 1.1014
- Alternative trend (Bullish): 1.1014
- Bullish take profit target: 1.1183