The euro and the U.S. dollar are lately oscillating between the range of 1.1212 and 1.1285 respectively.

The bulls, since the 13th of September 2016, have placed strong pressures in their attempts of taking control over the price, and managed to boost the pair from as low as 1.1212 to as high as 1.1275.

Probable Scenario

In the scenario where the EURUSD stabilizes above the 1.1240 area, the price could escalate as high as 1.1285, Fibonacci’s 0.0%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 45 zone.

eurusd-sep-15-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.1212 area the pair could decline as low as 1.1167.

Today’s Major Announcements

  • Euro zone’s Trade Balance s.a. (Jul), the Trade Balance n.s.a (Jul), the Consumer Price Index (YoY) (Aug), the Consumer Price Index – Core (MoM) (Aug), the Consumer Price Index – Core (YoY) (Aug), and the Consumer Price Index (MoM) (Aug) announcements are expected to have a medium impact on the euro
  • U.S.’s Retail Sales (MoM) (Aug) announcement could have a strong impact on the U.S. dollar

Synopsis

  • Probable trend (Bullish): 1.1240
  • Bullish take profit target: 1.1285
  • Stop loss target: 1.1212
  • Alternative trend (Bearish): 1.1212
  • Bearish take profit target: 1.1167