Daily Price Outlook

    The EUR/USD pair is currently at an intriguing juncture as it approaches the crucial resistance level at 1.1055. Interestingly, we observe a calm decline from this resistance point, and the pair is now hovering near the primary support line of a bullish channel.

    Adding to the excitement, the chart reveals the price staying below the neckline of a double top pattern, while the EMA50 exerts its influence with negative pressure. Moreover, the stochastic indicator is signaling a negative overlap, adding further intrigue to the mix.

    In light of these compelling factors, our forecast leans towards a bearish bias in the upcoming trading sessions. This prompts us to set our initial targets on breaking the support line of the bullish channel.

    Should this support be breached, it may potentially pave the way for further declines, with potential targets at 1.0935, followed by 1.0835 once the previous level is surpassed.

    However, we must remain alert to the possibility of a game-changer, as breaching the 1.1055 resistance level would invalidate the bearish scenario, leading the price to potentially resume its main bullish trajectory, and setting sights on the 1.1170 areas as the initial target.

    Today's trading session promises excitement within the range of 1.0920 support and 1.1070 resistance, keeping traders on their toes and providing ample opportunities for strategic moves.

    EUR/USD Price Chart – Source: Tradingview
    EUR/USD Price Chart – Source: Tradingview

    EUR/USD - Trade Idea

    Entry Price – Sell Limit 1.10382

    Take Profit – 1.09503

    Stop Loss – 1.10958

    Risk to Reward – 1: 1.5

    Profit & Loss Per Standard Lot = +$879/ -$576

    Profit & Loss Per Micro Lot = +$87/ -$57



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