The EURUSD stabilized close to the 1.1083 zone, Fibonacci’s 161.8%, where the sellers will likely place pressures to take control over the price.
The price, since the 5th of August 2016, has been mostly oscillating within a downside pattern between the range of 1.1162 and 1.1044 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1083 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 1.1036 Fibonacci’s 261.8%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 65 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1112 area, the price could rise to 1.1162 Fibonacci’s 0.0%.
Today’s Major Announcements
- Germany’s Trade Balance s.a. (Jun), the Exports (MoM) (Jun), the Current Account n.s.a (Jun) and the Imports (MoM) (Jun) releases are expected to have a medium influence on the euro
- There are no any releases on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1083
- Bearish take profit target: 1.1036
- Stop loss target: 1.1112
- Alternative trend (Bullish): 1.1112
- Bullish take profit target: 1.1162