EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
* The EUR/USD pair exhibits increased negativity today, moving away from the bullish channel's broken support and targeting a decline with 1.0945 as the next primary target.
* The 1.0945 level represents a 23.6% Fibonacci correction, and breaking below it would extend the bearish wave to reach 1.0862 as the next target.
* A bearish bias is expected today, influenced by the negative signal from the stochastic indicator, with a trading range between 1.0910 support and 1.1075 resistance.
The EUR/USD pair starts today with increased negativity, distancing itself from the broken support of the bullish channel and aiming for a decline in the upcoming sessions, with the next primary target at 1.0945.
It is important to note that this level represents a 23.6% Fibonacci correction for the rise measured from 1.0517 to 1.1075. A break below this level would extend the bearish wave to reach 1.0862 as the next primary target. As a result, a bearish bias is expected for today, driven by the negative signal provided by the stochastic indicator.
Breaking 1.1000 will facilitate the decline towards the aforementioned target, while breaching 1.1025 serves as the key to re-enter the bullish channel and regain the primary bullish trend. Today's expected trading range is between 1.0910 support and 1.1075 resistance.
EUR/USD - Trade Idea
Entry Price – Sell 1.10095
Stop Loss – 1.10302
Take Profit – 1.09646
Risk to Reward – 1 : 2
Profit & Loss Per Standard Lot = +$449/ -$207
Profit & Loss Per Micro Lot = +$44/ -$20
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