The EURUSD stabilized close to the 1.1240 zone, Fibonacci’s 100.0%, where the buyers will likely place pressures to take control over the price.
The price, since the 18th of August 2016, has been mostly oscillating within a downside pattern between the range of 1.1365 and 1.1288 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1240 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 1.1162 Fibonacci’s 161.8%.
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 1.1288 area, the price could rise to 1.1365 Fibonacci’s 0.0%.
Today’s Major Announcements
- There are no any releases on the euro
- The Chicago Fed National Activity Index is expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1240
- Bearish take profit target: 1.1162
- Stop loss target: 1.1288
- Alternative trend (Bullish): 1.1288
- Bullish take profit target: 1.1365