The EURUSD stabilized close to the 1.1287 zone, Fibonacci’s 61.8%, where the sellers will likely resume their pressures to take control over the price.
The price, since the 23rd of August 2016, has been oscillating within a bearish formation between the range of 1.1366 and 1.1239 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.1287 level is a good indication that the sellers may take control over the pair in today’s trading session as well.
In the event where the pair drops and the sellers take over, the price could decline to 1.1239 and 1.1162.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 70 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1302 area, the price could rise to 1.1366 Fibonacci’s 0.0%.
Today’s Major Announcements
- GFK Consumer Confidence Survey (Sep) release is expected to have a medium impact on the euro
- The Gross Domestic Product Annualized (Q2) and the Fed’s Yellen Speech are expected to have a strong impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1287
- Bearish take profit targets: 1.1239, 1.1162
- Stop loss target: 1.1302
- Alternative trend (Bullish): 1.1302
- Bullish take profit target: 1.1366