The upside pressures on the EURUSD got more tensed since the 11th of August 2016 where the price climbed from 1.1129 to 1.1323.
Today’s major pivot point area, the 1.1286 zone, is a critical level for the buyers in their attempts of boosting the price once again to the upside.
Probable Scenario
The latest stabilization of the price close to the 1.1286 level is a good indication that the bulls could likely exert momentum to retrace the pair upwards.
Stochastic oscillators’ formation signals that a probable bullish retracement at the 40 level has greater probabilities to occur.
In the event where the pair appreciates, the buyers could set their take profit target at 1.1379.
Alternative Scenario
Alternatively, a bearish break-out below the 1.1225 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 1.1129 level as their first target.
Today’s Major Announcements
- There are no any releases on the euro
- The FOMC Minutes announcement is expected to have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.1286
- Bullish take profit target: 1.1379
- Stop loss target: 1.1225
- Alternative trend (Bearish): 1.1225
- Bearish take profit target: 1.1129