The EURUSD has currently stabilized slightly above the 1.1149 zone, Fibonacci’s 161.8%, where the sellers will likely place pressures to take control the price.
The price, since the 28th of July 2016, has been oscillating within an upside formation between the range of 1.1071 and 1.1197 respectively.
Probable Scenario
The latest formation lower than the 1.1197 level is a good indication that the sellers may take control over the pair in today’s trading session, provided that the price initially drops below the 1.1149 zone.
In the event where the pair drops and the sellers take over, the price could decline to 1.1071 Fibonacci’s 0.0%.
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 remains above the 1.1197 area, the price could rise to 1.1273 Fibonacci’s 423.6%.
Today’s Major Announcements
- The euro region’s Producer Price Index (MoM) (Jun) and the Producer Price Index (YoY) (Jun) releases could have a medium impact on the euro
- The Personal Spending (Jun), the Core Personal Consumption Expenditure – Price Index (YoY) (Jun), the Personal Income (MoM) (Jun), the Personal Consumption Expenditure – Price Index (MoM) (Jun), the Personal Consumption Expenditure – Price Index (YoY) (Jun) and the Core Personal Consumption Expenditure – Price Index (MoM) (Jun) announcements will have a medium influence on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1149
- Bearish take profit target: 1.1071
- Stop loss target: 1.1197
- Alternative trend (Bullish): 1.1197
- Bullish take profit target: 1.1273