Daily Price Outlook
- The EUR/USD pair displays a somewhat bullish trend, having found significant support at the 1.0706 level.
- A possible hurdle at the 1.0740 level might impede its progress, while a breach above this level could lead to the 1.0760 mark.
- With the Euro trading within the range of 1.0706 and 1.0760, we can expect a choppy session. A break below 1.0706 could provide a shorting opportunity.
On the technical front, the EUR/USD currency pair is exhibiting a somewhat bullish trend after finding significant support around the 1.0706 level. At present, the Euro has climbed above the 50-day exponential moving average (EMA), which is now providing it with additional support at the 1.0717 level.
A hurdle may be encountered around the 1.0740 level, which is extended by a downward trending line visible on the four-hour timeframe.
A bullish breach above the 1.0740 level has the potential to guide the EUR/USD pair towards the 1.0760 level. However, one could say that the EUR/USD pair is currently operating within a narrow trading range, with an upper boundary at the 1.0760 level and a lower boundary at the 1.0706 level. As long as the EUR/USD pair remains within this specific range, we can anticipate a choppy session.
Nevertheless, if the Euro manages to break below the 1.0706 level, we may have an opportunity to short the EUR/USD pair. For now, it is crucial to keep a close watch on the 1.0700 level; a breach below this could offer another opportunity to short the EUR/USD pair.
EUR/USD Price Chart – Source: Tradingview
EUR/USD - Trade Idea
Entry Price – Sell Below 1.0750
Stop Loss – 1.0779
Take Profit – 1.0680
Risk to Reward – 1: 2.40
Profit & Loss Per Standard Lot = +$700/ -$295
Profit & Loss Per Micro Lot = +$70/ -$29
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