The EURUSD has currently stabilized slightly below the 1.0990 zone, Fibonacci’s 100.0%, where the sellers will likely place pressures to take control the price.

The price, since the 9th of November 2016, has been oscillating within a downside formation between the range of 1.1298 and 1.0990 respectively.

Probable Scenario

The latest formation below the 1.0990 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 1.0799 Fibonacci’s 161.8%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 40 zone.

eurusd-nov-10-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1108 area, the price could rise to 1.1298 Fibonacci’s 0.0%.

Today’s Major Announcements

  • There are no any releases on the euro
  • The Continuing Jobless Claims (Oct 28) and the Initial Jobless Claims (Nov 4) releases are expected to have a medium impact on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.0990

·         Bearish take profit target: 1.0799

·         Stop loss target: 1.1108

·         Alternative trend (Bullish): 1.1108

·         Bullish take profit target: 1.1298