Daily Price Outlook
- EURUSD pair shows bearish momentum, breaking intraday bullish trend line
- Initial target at 1.0745, closely monitor for potential further decline to 1.0630
- Breaching 1.0870 would invalidate bearish scenario, signaling potential resumption of bullish trend
The EURUSD pair kicked off the trading session today with a noticeable bearish tone, breaking the intraday bullish trend line and hinting at a potential slide throughout the day.
Our initial target for this downward move is around 1.0745, but keep a close eye on that level—it's a key point to watch. If the price manages to break below 1.0745, we might witness an extension of the bearish momentum, setting our sights on the 1.0630 area as the next major support level.
So, for today, we're leaning towards a bearish bias, and the fact that the price is trading below the EMA50 supports this view. However, it's worth noting that if we see a breakthrough above 1.0870, it could invalidate the negative scenario and potentially revive the main bullish trend.
In terms of the expected trading range, we anticipate it to fluctuate between the support level of 1.0730 and the resistance level of 1.0875.
All in all, the forecast for today's trend in the EURUSD pair points to a bearish outlook. So buckle up and let's see how the market unfolds!
EUR/USD Price Chart – Source: Tradingview
EUR/USD - Trade Idea
Entry Price – Buy Above 1.08380
Take Profit – 1.09134
Stop Loss – 1.07992
Risk to Reward – 1: 1.9
Profit & Loss Per Standard Lot = +$754/ -$388
Profit & Loss Per Micro Lot = +$75/ -$38
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