The EURUSD stabilized below the 1.0641 zone, Fibonacci’s 161.8%, where the sellers will likely place more pressures to take control of the price.

The price, since the 14th of November 2016, has been oscillating within a downside formation between the range of 1.0815 and 1.0641 respectively.

Probable Scenario

The latest formation and stabilization below the 1.0641 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 1.0535 Fibonacci’s 261.8%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 50 zone.

eurusd-nov-21-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.0707 area, the price could rise to 1.0815 Fibonacci’s 0.0%.

Today’s Major Announcements

  • The ECB President Draghi’s Speech will likely have a strong impact on the euro
  • The Chicago Fed National Activity Index (Oct) announcement will likely have a medium influence on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.0641

·         Bearish take profit target: 1.0535

·         Stop loss target: 1.0707

·         Alternative trend (Bullish): 1.0707

·         Bullish take profit target: 1.0815