The price is in a constant acceleration mode as the buyers have been able to patiently and steadily lead the pair to higher zones.
The pair has escalated, since the 27th of July 2016, from as low as 1.0960 to as high as 1.1120.
Stabilization and minor bullish attempts are surfacing again, slightly, at the 1.1072 level which is today’s major pivot point area.
Probable Scenario
In the condition where the bulls are able to withhold the price above the 1.1072 zone and exert greater pressures, the pair could appreciate to 1.1141.
Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 30 level.
Alternative Scenario
In contrast, in the scenario where the pair drops to the 1.1030 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 1.0960 zone.
Today’s Major Announcements
- Euro zone’s Gross Domestic Product s.a. (YoY) (Q2) and the Bank Stress Test Info releases are expected to have a strong impact on the euro
- U.S.’s Gross Domestic Product Annualized (Q2) and the Personal Consumption Expenditures (QoQ) (Q2) announcements will likely have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.1072
- Bullish take profit target: 1.1141
- Stop loss target: 1.1030
- Alternative trend (Bearish): 1.1030
- Bearish take profit target: 1.0960