The price is in a constant acceleration mode as the buyers have been able to patiently and steadily lead the pair to higher zones.

The pair has escalated, since the 12^th of August 2016 trading session, from as low as 1.1129 to as high as 1.1226.

Stabilization and minor bullish attempts are surfacing again, slightly, at the 1.1226 level which is today’s major pivot point area.

Probable Scenario

In the condition where the bulls are able to withhold the price above the 1.1226 zone and exert greater pressures, the pair could appreciate to 1.1285.

Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 70 level.

Alternative Scenario

In contrast, in the scenario where the pair drops to the 1.1189 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 1.1129 zone.

Today’s Major Announcements

• Germany’s ZEW Survey – Current Situation (Aug), the ZEW Survey Economic Sentiment (Aug), and the euro zone’s Trade Balance n.s.a (Jun), the Trade Balance s.a. (Jun), and the ZEW Survey – Economic Sentiment (Aug) releases are expected to have a medium impact on the euro
• U.S.’s Housing Starts (MoM) (Jul), the Building Permits (MoM) (Jul), the Consumer Price Index Ex Food & Energy (MoM) (Jul), the Consumer Price Index (YoY) (Jul), the Consumer Price Index Ex Food & Energy (YoY) (Jul), the Consumer Price Index (MoM) (Jul), the Consumer Price Index n.s.a (MoM) (Jul), the Consumer Price Index Core s.a (Jul), the Industrial Production (MoM) (Jul), and the Capacity Utilization (Jul) announcements will likely have a medium impact on the U.S. dollar

Synopsis

• Probable trend (Bullish): 1.1226
• Bullish take profit target: 1.1285
• Stop loss target: 1.1189
• Alternative trend (Bearish): 1.1189
• Bearish take profit target: 1.1129