EUR/USD Price Analysis – April 10, 2023
Daily Price Outlook
The EUR/USD pair began today's trading session with a clear negative trend, breaking the intraday bullish trend line and moving towards the expected decline on an intraday basis.
The initial target is to test 1.08830, and monitoring the price when it reaches this level is essential. Breaking this level would extend the bearish wave to reach 1.8480 areas as the next main station.
Therefore, a bearish bias is suggested today, especially since the price is now below the 50-day exponential moving average. At the same time, the RSI and MACD are also in the sell zone.
However, if the pair breaches 1.09070, it will stop the negative scenario and lead to a resumption of the main bullish wave. The expected trading range for today is between support at 1.0730 and resistance at 1.0875.
EUR/USD Trade Idea
Entry Price – Sell Stop 1.0880
Stop Loss – 1.0920
Take Profit – 1.0819
Risk to Reward – 1: 1.25
Profit & Loss Per Standard Lot = +$610/ -$400
Profit & Loss Per Micro Lot = +$61/ -$40
Related:
* GOLD Price Analysis – April 10, 2023
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.