Daily Price Outlook
- EUR/USD pair shows strong bullish bias, attempting to breach 1.1105 level, signaling potential bullish trend resumption, targeting 1.1170 next.
- Anticipated bullish trend for today, with momentum aiming for gains at 1.1210 and 1.1275, but watch for 1.1055 support level break for potential decline.
- Consider the impact of Federal Reserve rate hike, may add slight bearish pressure on EUR/USD pair. Projected trading range: 1.1040 (support) - 1.1190 (resistance).
The EUR/USD pair is exhibiting a more pronounced bullish bias as it initiates attempts to breach the 1.1105 level. This indicates a potential resumption of the bullish trend, signaling an end to the recent bearish correction that has characterized recent trades. The pair aims for further gains, targeting the next positive station at 1.1170.
Consequently, a bullish trend is anticipated for today, with expectations of gaining positive momentum to facilitate a breakthrough of the current areas and achieve further gains reaching 1.1210, followed by 1.1275 in the near-term. It is important to note that a break below 1.1055 would halt the positive scenario and prompt a potential decline in price.
Furthermore, it is crucial to consider the potential impact of the Federal Reserve's rate hike, as it is also likely to exert slight bearish pressure on the EUR/USD pair.
For today's trading, the projected range lies between the support level at 1.1040 and the resistance level at 1.1190.
EUR/USD - Trade ideas
Entry Price – Sell Limit 1.11432
Take Profit – 1.10680
Stop Loss – 1.11880
Risk to Reward – 1: 1.6
Profit & Loss Per Standard Lot = +$752/ -$448
Profit & Loss Per Micro Lot = +$75/ -$44
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