Daily Price Outlook

    * EUR/USD struggles near the 1.0800 level, indicating a consolidation phase.

    * RSI suggests a selling sentiment, while MACD shows a bullish bias.

    * Support from the 50-day exponential moving average at 1.0790 level.

On Tuesday, the EUR/USD currency pair is struggling near the 1.0800 level, showing signs of a consolidation phase. The pair has been unable to break above the resistance at 1.0825, and if the candles continue to close below this level, it could indicate a bearish movement in the currency pair.

Examining the key technical indicators, the Relative Strength Index (RSI) suggests a selling sentiment as it hovers around the 42 level. On the other hand, the Moving Average Convergence Divergence (MACD) remains above zero, indicating a bullish bias in the market. Overall, there is an interesting mix of signals from the leading indicators.

However, the 50-day exponential moving average provides support around the 1.0790 level, while the current market price is around 1.0800. Unless the EUR/USD breaks above the 1.0820 level, there is a possibility of maintaining a short position.

Therefore, the recommended strategy for today is to consider selling below the 1.0825 level, with an initial target set at 1.0760. A stop-loss order can be placed around the 1.0850 level.

 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 = +$64/ -$24


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