The EURUSD stabilized close to the 1.0856 zone, Fibonacci’s 161.8%, where the sellers will likely place more pressures to take control of the price.
The price, since the 9th of November 2016, has been aggressively oscillating within a downside formation between the range of 1.1298 and 1.0856 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.0856 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 1.0588 Fibonacci’s 261.8%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 60 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.1027 area, the price could rise to 1.1298 Fibonacci’s 0.0%.
Today’s Major Announcements
- Germany’s Consumer Price Index (YoY) (Oct), the Harmonized Index of Consumer Price (MoM) (Oct), the Consumer Price Index (MoM) (Oct), and the Harmonized Index of Consumer Prices (YoY) (Oct) releases are expected to have a medium influence on the euro
- The Fed’s Stanley Fischer Speech is expected to have a medium influence on the U.S. dollar
Synopsis
· Probable trend (Bearish): 1.0856
· Bearish take profit target: 1.0588
· Stop loss target: 1.1027
· Alternative trend (Bullish): 1.1027
· Bullish take profit target: 1.1298