Daily Price Outlook
- EUR/USD is currently consolidating in a sideways pattern, with the stochastic indicator showing positive momentum and entering the positive zone, indicating a potential resumption of the bullish trend.
- Primary target for upward movement is at 1.1418.
- A break below 1.1200 could trigger a corrective bearish phase, with initial targets at 1.1170 and 1.1105 before any further rally attempts.
The EUR/USD pair is currently consolidating within a sideways pattern, as depicted on the chart. It is noteworthy that the stochastic indicator is displaying positive momentum and entering the positive zone, potentially signaling a resumption of the bullish trend. Our primary target for the upward movement remains at 1.1418.
Consequently, our outlook for the immediate future continues to favor a bullish trend. Nevertheless, it is essential to remain mindful that a breach below the 1.1200 level may trigger a corrective bearish phase, with initial targets at 1.1170 and further extending to 1.1105, before any subsequent attempt to rally.
The anticipated trading range for today is projected to lie between the support level at 1.1170 and the resistance level at 1.1310.
EUR/USD - Trade Idea
Entry Price – Sell Limit 1.12477
Take Profit – 1.10933
Stop Loss – 1.13392
Risk to Reward – 1: 1.16
Profit & Loss Per Standard Lot = +$154/ -$91
Profit & Loss Per Micro Lot= +$15/ -$9
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