The euro and the U.S. dollar are lately oscillating between the range of 1.0936 and 1.1081 respectively.

The bulls, since the 2nd of November 2016, have placed strong pressures in their attempts of taking control over the price, and managed to force the pair from 1.1027 to 1.1081.

Probable Scenario

In the scenario where the EURUSD stabilizes above the 1.1081 area, the price could escalate as high as 1.1171.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 60 zone.

eurusd-nov-3-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.1027 area the pair could decline as low as 1.0936.

Today’s Major Announcements

  • Italy’s Unemployment (Sep), the euro zone’s Economic Bulletin and the Unemployment Rate (Sep) releases are expected to have a medium impact on the euro
  • The U.S.’s Continuing Jobless Claims (Oct 21), the Initial Jobless Claims (Oct 28), the Markit PMI Composite (Oct), the Markit Services PMI (Oct), the ISM Non-Manufacturing PMI (Oct), and the Factory Orders (MoM) (Sep) announcements will likely a have medium  impact on the U.S. dollar

Synopsis

  • Probable trend (Bullish): 1.1081
  • Bullish take profit targets: 1.1171
  • Stop loss target: 1.1027
  • Alternative trend (Bearish): 1.1027
  • Bearish take profit target: 1.0936