The EURUSD stabilized close to the 1.0901 zone, Fibonacci’s 161.8%, where the sellers will likely place more pressures to take control of the price.

The price, since the 20th of October 2016, has been oscillating within a downside formation between the range of 1.1036 and 1.0901 respectively.

Probable Scenario

The latest formation and stabilization close to the 1.0901 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 1.0818 Fibonacci’s 261.8%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 20 zone.

eurusd-oct-21-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.0956 area, the price could rise to 1.1036 Fibonacci’s 0.0%.

Today’s Major Announcements

  • The EU Leaders Summit release is expected to have a strong influence on the euro
  • There are no any releases on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.0901

·         Bearish take profit target: 1.0818

·         Stop loss target: 1.0956

·         Alternative trend (Bullish): 1.0956

·         Bullish take profit target: 1.1036