The pair is now oscillating within an upside formation as the bulls have managed to hold the price between the 1.1270 level and the 1.1321 zone.
The price has initially climbed, since the 17th of August 2016, from as low as 1.1241 to as high as 1.1365.
Stabilization and minor bullish attempts are surfacing again slightly above the 1.1321 level.
Probable Scenario
In the condition where the bulls are able to withhold the price above the 1.1321 level and exert greater pressures, the pair could appreciate to 1.1373.
Similarly the Stochastic oscillator indicates that the price has greater probabilities to escalate at the 65 level.
Alternative Scenario
In contrast, in the scenario where the pair drops to the 1.1290 area, the bears may place more pressures, and the price could decelerate to 1.1241.
Today’s Major Announcements
- Germany’s Markit PMI Composite (Aug), the Markit Services PMI (Aug), the Markit Manufacturing PMI (Aug), the euro zone’s Markit PMI Composite (Aug), the Markit Services PMI (Aug), and the Markit Manufacturing PMI (Aug) releases will likely have a medium impact on the euro
- U.S.’s Markit Manufacturing PMI (Aug), the New Home Sales Change (MoM) (Jul), and the New Home Sales (MoM) (Jul) announcements are expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bullish): 1.1321
- Bullish take profit target: 1.1373
- Stop loss target: 1.1290
- Alternative trend (Bearish): 1.1290
- Bearish take profit targets: 1.1241