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

Daily Price Outlook

    * EUR/USD tested EMA support at 1.1010 and is starting positively, attempting to resume the bullish trend. Stochastic signals positive. Breach of 1.1075 confirms rally to 1.1150.

    * We suggest intraday and short-term bullish trend. Breaking 1.1010 leads to negative pressure and a potential drop to 1.0945.

    * Today, the EUR/USD's range is likely to be between 1.0970 support and 1.1120 resistance.

The EUR/USD pair tested the Exponential Moving Average 50 (EMA50), which formed good support at 1.1010 and maintained stability above it. It has started today with a positive trend and attempts to resume the main bullish trend. The Stochastic oscillator is providing clear positive signals at the moment, which could motivate the price to provide more positive trades in the upcoming sessions. The breach of 1.1075 will confirm a rally towards the next target of 1.1150.

Therefore, we will continue to suggest a bullish trend on an intraday and short-term basis. Breaking 1.1010 will stop the positive scenario and put the price under additional negative pressure, leading to a potential drop towards the 1.0945 level before any new attempt to rise.

The expected trading range for today is between the support level of 1.0970 and the resistance level of 1.1120.

EUR/USD - Trade Idea

Entry Price – Buy 1.10067

Stop Loss – 1.09758

Take Profit – 1.10878

Risk to Reward – 1 : 2.6

Profit & Loss Per Standard Lot = +$811/ -$309

Profit & Loss Per Micro Lot = +$81/ -$30