The EURUSD has currently stabilized above the 1.0987 zone, Fibonacci’s 161.8%, where the sellers will likely place pressures to take control the price.
The price, since the 20th of July 2016, has been oscillating within an upside formation between the range of 1.0987 and 1.1024 respectively.
Probable Scenario
The latest formation close to the 1.0987 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 1.0927 Fibonacci’s 261.8%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 80 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair stabilizes above the 1.1024 area, the price could rise to 1.1084 Fibonacci’s 0.0%.
Today’s Major Announcements
- Germany’s Markit Manufacturing PMI (Jul), the Markit Services PMI (Jul), the Markit PMI Composite (Jul), the euro zone’s Markit PMI Composite (Jul), the Markit Services PMI (Jul), and the Markit Manufacturing PMI (Jul) releases are expected to have a medium impact on the euro
- U.S.’s Markit Manufacturing PMI (Jul) and the Baker Hughes US Oil Rig Count releases are expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.0987
- Bearish take profit target: 1.0927
- Stop loss target: 1.1024
- Alternative trend (Bullish): 1.1024
- Bullish take profit target: 1.1084