Daily Price Outlook

    * EUR/USD displays a bullish bias, with support at 1.1035 reinforced by the 50-day exponential moving average.

    * A breakout above 1.1075 could push the EUR/USD price towards the next target of 1.1095.

    * If the pair drops below 1.1035, further declines may occur, potentially reaching the 1.1000 support level.

The EUR/USD currency pair is currently exhibiting a slight bullish bias, trading around the 1.1050 level. As observed on the two-hour time frame, the EUR/USD pair has found significant support around the 1.1035 level.

This support level is reinforced by the 50-day exponential moving average, which is also visible on the two-hour time frame. The closing of candles above the 1.1035 level indicates that the bearish momentum is weakening, and bulls may regain control of the market.

Given this situation, the EUR/USD currency pair has the potential to target the immediate resistance level of 1.1075. A bullish breakout above this particular level could propel the EUR/USD price towards the next target level of 1.1095.

On the other hand, if the pair breaks below the 1.1035 support level, its price will be vulnerable to further declines, potentially reaching the immediate support level of 1.1000.

To sum up, the strategy is to look for a long position above the 1.1035 level, with a target of 1.1095.

 EUR/USD Price Chart - Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Buy Above 1.10371

Stop Loss – 1.10173

Take Profit – 1.10949

Risk to Reward – 1 : 2.9

Profit & Loss Per Standard Lot = +$578/ -$198

Profit & Loss Per Micro Lot = +$57/ -$19


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