The EURUSD stabilized close to the 1.1287 zone, Fibonacci’s 61.8%, where the sellers will likely place pressures to take control of the price.
The price, since the 18th of August 2016, has been bearish between the ranges of 1.1366 and 1.1287 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1287 level is a good indication that the sellers may lead the pair in today’s trading session.
In the event where the pair drops and the sellers take over, the price could decline to 1.1241 and 1.1162.
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 1.1316 area, the price could rise to 1.1366 Fibonacci’s 0.0%.
Today’s Major Announcements
- Germany’s Gross Domestic Product n.s.a (YoY) (Q2), the Gross Domestic Product s.a (QoQ) (Q2), and the Gross Domestic Product w.d.a (YoY) (Q2) releases are expected to have a strong impact on the euro
- The Housing Price Index (MoM) (Jun) release is expected to have a medium influence on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1287
- Bearish take profit target: 1.1241, 1.1162
- Stop loss target: 1.1316
- Alternative trend (Bullish): 1.1316
- Bullish take profit target: 1.1366