Daily Price Outlook

    3. EURUSD closed above 1.0795, facing resistance from the correctional bearish channel, stochastic indicator, and EMA50.

    6. Potential for resumption of the bearish trend if it breaks below 1.0795 towards 1.0730. Breaking 1.0835 and 1.0860 levels would halt decline and open the potential for gains.

    9. Today's trading range: 1.0730 support, 1.0880 resistance. Bearish trend expected. Stay tuned for EURUSD updates!

The EURUSD pair concluded last Friday above the 1.0795 level, registering some intraday gains. However, we observed that the price encountered resistance from the correctional bearish channel, accompanied by clear negative signals from the stochastic indicator. Additionally, the EMA50 is exerting consistent downward pressure on the price.

Considering these factors, there is a valid possibility of a resumption of the correctional bearish trend. The initial targets would involve breaking below 1.0795, paving the way for a decline towards 1.0730. It's worth noting that surpassing levels at 1.0835 and 1.0860 would halt the anticipated decline and potentially lead to further gains in the future.

For today's trading, the expected range lies between 1.0730 as support and 1.0880 as resistance. In terms of trend, we anticipate a bearish sentiment for today. Let's keep an eye on the exciting developments in the EURUSD pair!

 EUR/USD Price Chart - Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Sell Below 1.08254

Stop Loss – 1.08497

Take Profit – 1.07609

Risk to Reward – 1 : 2.6

Profit & Loss Per Standard Lot = +$645/ -$243

Profit & Loss Per Micro Lot = +$54/ -$24


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