The pair has been, since yesterday’s trading session, oscillating mostly between the range of 1.4940 and 1.5036, with both the buyers and the sellers making some profit from the upside and downside moves respectively.
Today’s major pivot point area is the 1.4940 zone.
Probable Scenario
The latest stabilization of the EURAUD above the 1.4940 level is a good indication that the bulls could likely lead the price once again to the upside.
In the event where the pair appreciates, it could rise as high as 1.5036, Fibonacci’s 50.0%, and 1.5062, Fibonacci’s 61.8%.
The Stochastic oscillator also validates the uptrend formation showing that the price may likely retrace upwards.
Alternative Scenario
Alternatively, in the event where the buyers are not able to take the lead, and the bears resume their latest downside pressures below the 1.4940 and 1.4911 levels, the pair could drop to 1.4835.
Today’s Major Announcements
- There are no any major announcements that could strongly impact the Australian dollar
- The ECB Monetary Policy Accounts announcement is expected to have a strong impact on the euro
Synopsis
- Probable trend (Bullish):1.4940
- Bullish take profit targets: 1.5036, 1.5062
- Stop loss target:1.4835
- Alternative trend (Bearish): 1.4911
Bearish take profit target:1.4835
ritaduggan5
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