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

Daily Price Outlook

EUR/USD experienced a bearish sentiment in yesterday's session, leading it to settle near the 38.2% Fibonacci correction level of the last bullish wave.

The pair also moved below the EMA50, creating negative pressure that could result in further bearish correction.

However, there are positive signals from the stochastic indicator that may support a return to the main bullish trend.

The conflicting signals from the technical indicators prompt us to adopt a cautious stance and wait for clearer signals to determine the next trend.

It's important to note that breaching the support level at 1.1105 could lead to additional downside targets at 1.1055 and 1.1000.

Conversely, breaking the resistance at 1.1170 would signal a potential continuation of the main bullish trend, targeting 1.1275 and 1.1418 as the next main objectives.

Expected trading range for today: 1.1050 (support) to 1.1230 (resistance).

EUR/USD - Trade Idea

Entry Price – Buy Limit 1.10998

Take Profit – 1.12003

Stop Loss – 1.10541

Risk to Reward – 1: 2.2

Profit & Loss Per Standard Lot = +$100/ -$45

Profit & Loss Per Micro Lot= +$10/ -$4