Daily Price Outlook
- The EUR/USD pair is currently experiencing a calm negative trend, gradually approaching the 1.0860 level.
- A break below the neckline at 1.0840 is awaited to activate the negative effect of this pattern, potentially leading to a bearish move towards targets starting at 1.0795 and extending to 1.0730.
- The expected trading range for today is between the support level of 1.0800 and the resistance level of 1.0940.
The EUR/USD pair is currently exhibiting a subdued downtrend, gradually approaching the 1.0860 level. Notably, the price has recorded the third consecutive lower high, as depicted on the chart, indicating a potential triple top pattern.
To activate the negative impact of this pattern, a break below the neckline at 1.0840 is awaited, which could initiate a bearish move towards our projected targets starting at 1.0795 and extending to 1.0730.
Therefore, we maintain our suggestion of a bearish trend for the foreseeable future, supported by the downward pressure exerted by the EMA50 indicator.
It is important to note that a breach above 1.0940 would invalidate the aforementioned technical formation and potentially lead to a price recovery, with gains potentially reaching 1.1075 in the near term.
For today's trading, the expected range is anticipated to be between the support level of 1.0800 and the resistance level of 1.0940.
EUR/USD Price Chart – Source: Tradingview
EUR/USD - Trade Idea
Entry Price – Sell Below 1.08879
Take Profit – 1.08402
Stop Loss – 1.09356
Risk to Reward – 1: 1
Profit & Loss Per Standard Lot = +$477/ -$477
Profit & Loss Per Micro Lot = +$47/ -$47
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