Daily Price Outlook
- EUR/USD focuses on Germany’s business climate economic event and the release of the FOMC meeting minutes.
- A descending triangle pattern on the four-hour timeframe suggests support at 1.076 and the potential for bearish movement.
- Breaking above 1.0800 could lead to resistance at 1.0825 or 1.0860, while breaching 1.0760 may target 1.0720.
Good morning everyone, today holds significant events for the EUR/USD currency pair. The European economy is expected to release Germany’s business climate economic event, which is projected to decrease to 93 from the previous figure of 93.6. This suggests a potential slight variation in the euro’s strength against the US dollar.
However, the major focus will be on the release of the FOMC meeting minutes, as they are expected to provide insights into the stance of the US central bank. Depending on the clues provided, the EUR/USD pair will determine its upcoming direction.
From a technical standpoint, the EUR/USD has formed a descending triangle pattern on the four-hour timeframe, which indicates a potential support level around 1.076. A breakthrough of the lower support level could trigger a bearish move in the currency pair.
On the other hand, if the EUR/USD manages to surpass the 1.0800 level, it may target resistance levels at 1.0825 or 1.0860. Conversely, if the EUR/USD breaches the 1.0760 support level, the next target could be around 1.0720.
Today’s strategy is to closely monitor the 1.076 level. A break below this level could trigger selling pressure, while staying above it may suggest further upside potential for the EUR/USD pair.
EUR/USD Price Chart – Source: Tradingview
EUR/USD - Trade Idea
Entry Price – Buy Above 1.07611
Stop Loss – 1.07129
Take Profit – 1.08594
Risk to Reward – 1 : 2
Profit & Loss Per Standard Lot = +$983/ -$482
Profit & Loss Per Micro Lot = +$98/ -$48
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