Daily Trade Ideas

EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jun 23, 20232 min
Eurusd

Daily Price Outlook

  • EUR/USD pair fails to break 1.1000 barrier, rebounds towards key support at 1.0940
  • Bearish trend expected as price tests 1.0940 support, target at 1.0860
  • Close monitoring of price action at 1.0940 crucial for determining next trend

The EUR/USD pair made a failed attempt to break the 1.1000 barrier, resulting in a downward rebound towards the key support level at 1.0940.

Currently, the price is testing this level and aiming to break it, indicating a potential shift to a bearish trend on an intraday basis.

As a result, negative trading activity is expected for today, with the main target being the test of the 1.0860 level.

It is important to closely monitor the price action at this level, as it will play a significant role in determining the next trend.

However, it is worth noting that if the price fails to confirm a break below 1.0940, it could lead to a recovery and a return to the main bullish trend.

The projected trading range for today is between the support level of 1.0850 and the resistance level of 1.1000.

EUR/USD Price Chart – Source: Tradingview

EUR/USD – Trade Idea

Entry Price –Buy Limit 1.09029

Take Profit – 1.09973

Stop Loss – 1.08338

Risk to Reward – 1: 1.35

Profit & Loss Per Standard Lot = +$944/ -$691

Profit & Loss Per Micro Lot = +$94/ -$69

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EUR/USD

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