The pair, after escalating from 1.0802 to 1.0968, has dropped since the opening of today’s trading session down to 1.0905 which it today’s major pivot point area.
Stochastic oscillator’s latest formation shows a pattern of a steady appreciation at the 20 level where the pair is expected to retrace once again to the upside.
Probable Scenario
In the condition where the pair stabilizes above the 1.0905 level and the upside pressures somehow get more tensed, the price could rise back to the 1.0968 zone, Fibonacci 100.0%, and 1.1072, Fibonacci 161.8%, respectively.
Should the bulls gain control over the price in today’s session as well, then such a continuation confirms their successful and profitable upside attempts since the 5th of January 2016.
Alternative Scenario
Alternatively, in the event where the bearish pressures force the pair below the 1.0905 zone and the 1.0865 area, the price could drop to 1.0802.
Today’s Major Announcements
- There are no any major announcements on the euro
- The Labor Market Conditions Index (Dec) release is expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bullish):1.0905
- Bullish take profit targets:1.0968, 1.1072
- Stop loss target: 1.0865
- Alternative trend (Bearish): 1.0865
Bearish take profit target: 1.0802
Anthony Young
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