Daily Price Outlook
* The EUR/USD pair shows a mild bullish trend, currently trading around 1.0960 after bouncing from the 1.0941 level.
* Strong resistance for the pair exists near the 1.0990 level, reinforced by earlier highs and the 50-day exponential moving average.
* Investors' attention today is on the US CPI figures, with higher inflation potentially driving a EUR/USD selling trend, and weaker figures possibly pushing the pair past 1.0990 towards 1.1054.
Good morning, everyone.
The EUR/USD currency pair is currently displaying a slight bullish bias, having bounced off the 1.0941 level and is currently trading around 1.0960. On the upside, the EUR/USD pair faces strong resistance near the 1.0990 level, a barrier strengthened by previously established highs and the 50-day exponential moving average (green line). These factors are likely to keep the EUR/USD upward movement limited.
Today, investor focus is expected to remain on the US CPI figures. Higher inflation figures typically trigger a selling trend in the EUR/USD currency pair. Conversely, if inflation figures are weaker or if the US economy falters, there's a possibility that the EUR/USD might breach the 1.0990 level and aim for the next resistance level at 1.1054.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.09581
Stop Loss – 1.09279
Take Profit – 1.10315
Risk to Reward – 1 : 2
Profit & Loss Per Standard Lot = +$735/ -$302
Profit & Loss Per Micro Lot = +$73/ -$30
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