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

Daily Price Outlook

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