The pair is oscillating within a bullish formation as the buyers have managed to boost the price from the 1.1105 zone to the 1.1207 level.

The price has initially dropped, since the 6th of October 2016, from as high as 1.1168 to as low as 1.1105.

Stabilization and minor bullish attempts are surfacing again slightly close to the 1.1207 level.

Probable Scenario

In the condition where the bulls are able to withhold the price close to the 1.1207 level and exert greater pressures, the pair could appreciate to 1.1271.

Similarly the Stochastic oscillator indicates that the price has greater probabilities to escalate at the 35 level.

eurusd-oct-10-2016

Alternative Scenario

In contrast, in the scenario where the pair drops to the 1.1168 area, the bears may place more pressures, and the price could decelerate to 1.1105.

Today’s Major Announcements

  • Germany’s Imports (MoM) (Aug), the Current Account n.s.a (Aug), the Exports (MoM) (Aug), and the Trade Balance s.a. (Aug) releases are expected to have a medium impact on the euro
  • There are no any releases on the U.S. dollar

Synopsis

·         Probable trend (Bullish): 1.1207

·         Bullish take profit target: 1.1271

·         Stop loss target: 1.1168

·         Alternative trend (Bearish): 1.1168

·         Bearish take profit targets: 1.1105