Daily Price Outlook
* EUR/USD trading bearishly around 1.0760 levels after 0.64% decline
* Testing 50% Fibonacci retracement level at 1.0800, heading towards 61.8% level at 1.0736
* Presence of three black crow candlesticks suggests potential downtrend continuation
The EUR/USD currency pair is currently experiencing significant bearish movement, trading around 1.0760 levels after a 0.64% decline yesterday. On the daily timeframe, it has already reached the 50% Fibonacci retracement level at 1.0800, and now it is heading towards the next Fibonacci level of 61.8% at 1.0736.
The presence of three black crow candlesticks further supports the potential continuation of the downtrend. However, it remains to be seen if the EUR/USD can hold above the 1.0736 level, as a break above this could indicate a possible trend reversal and present a buying opportunity for the upcoming week.
Conversely, if selling pressure persists and the downtrend continues, the pair may break below the 61.8% level and target the 76.8% Fibonacci retracement level at 1.0645. Therefore, it is crucial to monitor the 1.0740 level as a decisive factor for potential price movements today.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.07393
Stop Loss – 1.06893
Take Profit – 1.08721
Risk to Reward – 1 : 2.66
Profit & Loss Per Standard Lot = +$1320/ -$500
Profit & Loss Per Micro Lot = +$132/ -$50
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