The EURUSD stabilized close to the 1.1131 zone, Fibonacci’s 61.8%, where the sellers will likely place pressures to take control over the price.
The price, since the 2nd of August 2016, has been oscillating within a downside formation between the range of 1.1232 and 1.1131 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1131 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 1.1067 Fibonacci’s 100.0%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 50 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1151 area, the price could rise to 1.1232 Fibonacci’s 0.0%.
Today’s Major Announcements
- There are no any releases on the euro
- The Nonfarm Payrolls (Jul) and the Unemployment Rate (Jul) releases are expected to have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1131
- Bearish take profit target: 1.1067
- Stop loss target: 1.1151
- Alternative trend (Bullish): 1.1151
- Bullish take profit target: 1.1232