Daily Trade Ideas

EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jul 13, 20232 min
Eurusd

Daily Price Outlook

  • The EUR/USD pair maintains a persistent bullish bias, approaching the target at 1.1184.
  • The breakthrough of the bullish channel's resistance supports the continuation of the upward trend.
  • The EMA50 provides support for further upward movement.

The EUR/USD pair exhibits a persistent bullish bias, gradually approaching our anticipated target at 1.1184. This bullish momentum is further supported by the breakthrough of the resistance of the bullish channel depicted on the chart, indicating the likelihood of a continued upward trend in the short-term and medium-term. Further gains are expected, potentially reaching 1.1275.

Consequently, we anticipate further upward movement in the upcoming sessions, underpinned by the support provided by the EMA50. It is important to note that a break below 1.1075 would halt the expected rise and potentially lead to a bearish correction before resuming the bullish wave.

The projected trading range for today is expected to be between the support level at 1.1080 and the resistance level at 1.1235.

Overall, the trend for today is anticipated to be bullish.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Buy Limit 1.11155

Take Profit – 1.11806

Stop Loss – 1.10544

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$651/ -$611

Profit & Loss Per Micro Lot = +$65/ -$61

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EUR/USD

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