The EURUSD stabilized close to the 1.1127 zone, Fibonacci’s 61.8%, where the sellers will likely place pressures to take control over the price.
The price, since the 9th of August 2016, has been mostly oscillating within an upside pattern between the range of 1.1070 and 1.1217 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1127 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 1.1070 Fibonacci’s 0.0%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 20 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1160 area, the price could rise to 1.1217 Fibonacci’s 161.8%.
Today’s Major Announcements
- There are no any releases on the euro
- The NAHB Housing Market Index (Aug) is expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1127
- Bearish take profit target: 1.1070
- Stop loss target: 1.1160
- Alternative trend (Bullish): 1.1160
- Bullish take profit target: 1.1217