Daily Price Outlook
* The EUR/USD pair is trading bullishly around 1.1040, with immediate support at 1.1016 and a Tweezer Bottom pattern indicating a potential upward movement.
* The next resistance level for EUR/USD is at 1.1060, and crossing this level may lead to the price reaching 1.1090.
* The 50-day EMA acts as support, while RSI and MACD indicators show a buying zone; today's pivot point is around 1.1015, with a suggested buy position above 1.1025.
On Monday, the EUR/USD pair is trading around the 1.1040 level, exhibiting a bullish bias. On the two-hourly timeframe, we can see that the EUR/USD has found immediate support around the 1.1016 level.
Moreover, the currency pair has formed a Tweezer Bottom pattern, or alternatively, a bullish engulfing pattern, which can be observed on the two-hourly timeframe near the 1.1016 level. Currently, the formation of three white soldiers candlesticks indicates that the bullish bias is dominating the market.
With that in mind, the EUR/USD has the potential to target the next resistance level at 1.1060, and a bullish cross above this level could lead the price towards 1.1090.
The 50-day exponential moving average has already been surpassed by the EUR/USD around the 1.1030 level and is now acting as support. Meanwhile, the RSI and MACD, two leading technical indicators, are also holding in a buying zone.
Consequently, today's pivot point is likely to be around the 1.1015 level. The suggested strategy is to look for a buy position above 1.1025 for today.
EUR/USD - Trade Idea
Entry Price – Buy 1.1025
Stop Loss – 1.0988
Take Profit – 1.10900
Risk to Reward – 1 : 1.77
Profit & Loss Per Standard Lot = +$646/ -$366
Profit & Loss Per Micro Lot = +$646/ -$36
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