The price, since the 14th of December 2016, has been mostly oscillating within an upside pattern between the range of 145.13 and 148.11 respectively.
The latest formation and stabilization close to the 146.66 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 145.13.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 50 zone.
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 147.55 area, the price could rise to 149.05 Fibonacci’s 261.8%.
· Probable trend (Bearish): 146.66
· Bearish take profit target: 145.13
· Stop loss target: 147.55
· Alternative trend (Bullish): 147.55
· Bullish take profit target: 149.05