The EURUSD stabilized close to the 1.1050 zone, Fibonacci’s 38.2%, where the sellers will likely place pressures to take control over the price.
The price, since the 5th of July 2016, has been aggressively oscillating within a bearish formation between the range of 1.1179 and 1.1050 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1050 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 1.0971 Fibonacci’s 0.0%.
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 1.1076 area, the price could rise to 1.1179 Fibonacci’s 100.0%.
Today’s Major Announcements
- ECB President Draghi’s Speech and Non-Monetary policy’s ECB Meeting releases are expected to have a strong impact on the euro
- The FOMC Minutes release is expected to have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1050
- Bearish take profit target: 1.0971
- Stop loss target: 1.1076
- Alternative trend (Bullish): 1.1076
- Bullish take profit target: 1.1179