Daily Price Outlook
- EUR/USD settled near the 38.2% Fibonacci correction level, indicating bearish sentiment in the recent session.
- Stochastic shows positive signals, hinting at a possible return to the main bullish trend.
- Caution is advised due to conflicting technical indicators, prompting a wait for clearer signals.
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
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