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

Daily Price Outlook

    * The EUR/USD pair ended last Friday below the 1.0865 level, confirming the prevailing bearish correction and indicating a potential decline towards the 1.0795 target.

    * The 50-day Exponential Moving Average (EMA50) continues to exert downward pressure on the price, supporting the expected continuation of the bearish trend. However, some sideways movement influenced by positive stochastic indicators could occur while waiting for a negative catalyst to drive the price towards the target.

    * Our forecast remains bearish for the foreseeable future. It's worth noting that a break above the 1.0865 level, followed by the 1.0880 level, could disrupt the bearish wave and lead to an attempt to resume the primary bullish trend.

The EUR/USD pair concluded last Friday beneath the 1.0865 mark, further solidifying the ongoing dominance of bearish correction, and setting the stage for a potential decline towards the 1.0795 target.

The 50-day Exponential Moving Average (EMA50) exerts persistent downward pressure on the price, thereby supporting the anticipated continuation of the bearish trend. However, some sideways movement influenced by positive stochastic indicators could occur, awaiting a negative catalyst to push the price towards the anticipated target.

Consequently, our forecast remains bearish for the foreseeable future. It's important to note that a breach of the 1.0865 mark, followed by the 1.0880 level, could disrupt the bearish wave and prompt the price to attempt to resume the primary bullish trend.

The projected trading range for today lies between a support level of 1.0770 and a resistance level of 1.0920.

EUR/USD Price Chart - Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Buy 1.08424

Stop Loss – 1.08030

Take Profit – 1.09431

Risk to Reward – 1 : 2.5

Profit & Loss Per Standard Lot = +$1007/ -$394

Profit & Loss Per Micro Lot = +$100/ -$39