Daily Price Outlook
- The EUR/USD pair reached our target at 1.0860 after a notable downward movement, establishing a strong level of support.
- A prominent double top pattern has formed, indicating potential additional downward pressure in upcoming trading sessions.
- If the price breaks below the support level, it may trigger a significant rally towards the 1.0795 level. However, a failure to break below could lead to a possible upward movement, testing the resistance at 1.0940.
The EUR/USD pair exhibited a notable downward movement, successfully reaching our projected target at 1.0860 with confidence and subsequently stabilizing at that level. Presently, the price formation reveals a prominent double top pattern, which could exert additional downward pressure on the pair in the forthcoming trading sessions. It is crucial to monitor a potential breakthrough below the mentioned level, as it holds the key to potentially ignite a substantial rally towards the 1.0795 level.
As we analyze the performance, we anticipate further decline for the day, supported by the price's position below the EMA50. However, in the event that the anticipated breakthrough fails to materialize, we may witness a graceful upward movement, leading the price to test the resistance at 1.0940.
Prepare for an engaging trading session today, as the anticipated trading range lies between the reliable support level of 1.0790 and the formidable resistance level of 1.0930. The prevailing trend for today remains bearish, emphasizing the potential for continued downside movement.
EUR/USD Price Chart – Source: Tradingview
EUR/USD – Trade Idea
Entry Price – Buy Above 1.08490 Take Profit – 1.09173 Stop Loss – 1.07967 Risk to Reward – 1: 1.3 Profit & Loss Per Standard Lot = +$683/ -$523 Profit & Loss Per Micro Lot = +$68/ -$52
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