The EURUSD stabilized below the 1.0767 zone, Fibonacci’s 261.8%, where the sellers will likely place more pressures to take control of the price.

The price, since the 11th of November 2016, has been oscillating within a downside formation between the range of 1.0922 and 1.0767 respectively.

Probable Scenario

The latest formation and stabilization below the 1.0767 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 1.0671 Fibonacci’s 423.6%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 70 zone.

eurusd-nov-16-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.0827 area, the price could rise to 1.0922 Fibonacci’s 0.0%.

Today’s Major Announcements

  • There are no any releases on the euro
  • The EIA Crude Oil Stocks Change (Nov 11) release will likely have a strong influence on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.0767

·         Bearish take profit target: 1.0671

·         Stop loss target: 1.0827

·         Alternative trend (Bullish): 1.0827

·         Bullish take profit target: 1.0922