The EURUSD has lately stabilized close to the 1.1234 zone, Fibonacci’s 100.0%, where the sellers will likely place pressures to take control the price.

The price, since the 30th of September 2016, has been oscillating within an upside formation between the range of 1.1151 and 1.1234 respectively.

Probable Scenario

The latest formation close to the 1.1234 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 1.1151 Fibonacci’s 0.0%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 60 zone.

eurusd-oct-3-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair stabilizes above the 1.1287 area, the price could rise to 1.1371 Fibonacci’s 261.8%.

Today’s Major Announcements

  • Germany’s Markit Manufacturing PMI (Sep) release is expected to have a medium influence on the euro
  • The ISM Prices Paid (Sep) and the ISM Manufacturing PMI (Sep) releases are expected to have a strong impact on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.1234

·         Bearish take profit target: 1.1151

·         Stop loss target: 1.1287

·         Alternative trend (Bullish): 1.1287

·         Bullish take profit target: 1.1371