The upside pressures on the pair got more tensed since the 13th of July 2016 where the price climbed from as low as 1.1041 to as high as 1.1119.
The bulls took control over the pair by almost 100 pips to their favour, an astonishing movement with big gains for the buyers whereas losses for the sellers.
Probable Scenario
The latest stabilization of the price close to the 1.1125 zone, which is today’s major pivot point level, is a good indication that the bulls could likely exert further momentum to boost the price upwards.
Stochastic oscillators’ formation signals that a probable bullish retracement, close to the 50 level, has greater chances to occur.
In the event where the pair escalates, the buyers could set their take profit target at 1.1177.
Alternative Scenario
Alternatively, a bearish break-out below the 1.1094 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 1.1041.
Today’s Major Announcements
- There are no any releases that could have an impact on the euro
- U.S.’s Initial Jobless Claims (Jul 8) release is expected to have a medium influence on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.1125
- Bullish take profit target: 1.1177
- Stop loss target: 1.1094
- Alternative trend (Bearish): 1.1094
- Bearish take profit target: 1.1041