The pair is now oscillating, more or less, within a stable formation as the bulls have managed to hold the price between the 1.1082 level and the 1.1146 zone.
The price has initially climbed, since the 27th of June 2016, from as low as 1.0974 to as high as 1.1146.
Stabilization and minor bullish attempts are surfacing again slightly above the 1.1082 level.
Probable Scenario
In the condition where the bulls are able to withhold the price close to the 1.1146 level and exert greater pressures, the pair could appreciate to 1.1254.
Similarly the Stochastic oscillator indicates that the price has greater probabilities to escalate at the 55 level.
Alternative Scenario
In contrast, in the scenario where the pair drops to the 1.1082 area, the bears may place more pressures, and the price could decelerate to 1.0974.
Today’s Major Announcements
- The Consumer Price Index (YoY) (Jun), the Consumer Price Index – Core (YoY) (Jun), and the ECB Monetary Policy Meeting Accounts releases will likely have a strong impact on the euro
- The Initial Jobless Claims (Jun 24) and the Chicago Purchasing Managers’ Index (Jun) announcements are expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.1146
- Bullish take profit target: 1.1254
- Stop loss target: 1.1082
- Alternative trend (Bearish): 1.1082
- Bearish take profit targets: 1.0974