The EURUSD has currently stabilized above the 1.1103 zone, Fibonacci’s 100.0%, where the sellers will likely place pressures to take control the price.

The price, since the 10th of October 2016, has been oscillating within a downside formation between the range of 1.1202 and 1.1103 respectively.

Probable Scenario

The latest formation slightly above the 1.1103 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 1.1043 Fibonacci’s 161.8%.

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

eurusd-oct-11-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair resumes above the 1.1142 area, the price could rise to 1.1202 Fibonacci’s 0.0%.

Today’s Major Announcements

  • Germany’s ZEW Survey – Current Situation (Oct), the ZEW Survey – Economic Sentiment (Oct), and the euro zone’s ZEW Survey – Economic Sentiment (Oct) announcements are expected to have a medium impact on the euro
  • The Labor Market Conditions Index (Sep) release is expected to have a medium influence on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.1103

·         Bearish take profit target: 1.1043

·         Stop loss target: 1.1142

·         Alternative trend (Bullish): 1.1142

·         Bullish take profit target: 1.1202