The EURUSD has currently stabilized slightly above the 1.1068 zone, Fibonacci’s 100.0%, where the sellers will likely place pressures to take control the price.
The price, since the 2nd of August 2016, has been oscillating within a downside formation between the range of 1.1232 and 1.1068 respectively.
Probable Scenario
The latest formation close to the 1.1068 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 1.1068 zone.
In the event where the pair drops and the sellers take over, the price could decline to 1.0967 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 remains above the 1.1132 area, the price could rise to 1.1232 Fibonacci’s 0.0%.
Today’s Major Announcements
- There are no any major announcements on the euro
- The Labor Market Conditions Index (Jul) release is expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1068
- Bearish take profit target: 1.0967
- Stop loss target: 1.1132
- Alternative trend (Bullish): 1.1132
- Bullish take profit target: 1.1232