The pair stabilized above the 1.1024 zone, Fibonacci’s 100.0% where the sellers will likely place pressures to resume their lead on the EURUSD.
The price since the 5th of July 2016 has been mostly oscillating between the range of 1.1184 and 1.1024 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1024 level is a good indication that the sellers may take control over the pair for today’s trading session.
In the event where the pair drops and the sellers take over, the price could decline to 1.0925.
The Stochastic oscillator indicates that the bearish pressures are more tensed and that the price has greater probabilities to decelerate.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1086 area, the price could rise to 1.1184 Fibonacci’s 0.0%.
Today’s Major Announcements
- Germany’s Current Account n.s.a (May), the Imports (MoM) (May), the Exports (MoM) (May), and the Trade Balance s.a. (May) releases are expected to have a medium influence on the euro
- U.S.’s Unemployment Rate (Jun) and the Nonfarm Payrolls (Jun) releases are expected to have a strong impact on the U.S dollar
Synopsis
- Probable trend (Bearish): 1.1024
- Bearish take profit target: 1.0925
- Stop loss target: 1.1086
- Alternative trend (Bullish): 1.1086
- Bullish take profit target: 1.1184