The EURUSD stabilized slightly below the 1.0979 zone, Fibonacci’s 100.0%, where the sellers will likely resume their pressures to take control over the price.

The price, since the 22^nd of July 2016, has been aggressively oscillating within a bearish formation between the range of 1.1041 and 1.0979 respectively.

Probable Scenario

The latest formation and stabilization below the 1.0979 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 1.0940 Fibonacci’s 161.8%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 70 zone.

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1002 area, the price could rise to 1.1041 Fibonacci’s 0.0%.

Today’s Major Announcements

• Germanys’ IFO – Expectations (Jul), the IFO – Business Climate (Jul), and the IFO – Current Assessment (Jul) releases are expected to have a medium impact on the euro
• The Dallas Fed Manufacturing Business Index (Jul) is expected to have a medium impact on the U.S. dollar

Synopsis

• Probable trend (Bearish): 1.0979
• Bearish take profit target: 1.0940
• Stop loss target: 1.1002
• Alternative trend (Bullish): 1.1002
• Bullish take profit target: 1.1041