The EURUSD stabilized close to the 1.1042 zone, Fibonacci’s 100.0%, where the sellers will likely place more pressures to take control of the price.
The price, since the 15th of July 2016, has been aggressively oscillating within a downside formation between the range of 1.1147 and 1.1023 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1042 level is a good indication that the sellers may take control over the pair in today’s trading session as well.
In the event where the pair drops and the sellers take over, the price could decline to 1.0976 Fibonacci’s 161.8%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 60 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1082 area, the price could rise to 1.1147 Fibonacci’s 0.0%.
Today’s Major Announcements
- There are no any releases on the euro
- The NAHB Housing Market Index (Jul) is expected to have a medium influence on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1042
- Bearish take profit target: 1.0976
- Stop loss target: 1.1082
- Alternative trend (Bullish): 1.1082
- Bullish take profit target: 1.1147