Daily Price Outlook
- EUR/USD hits 1.0935 target, potential for further decline to 1.0835.
- 50 SMA applies negative pressure, but break above 1.0955 and 1.0990 could reverse trend.
- Trading range: Support at 1.0840, Resistance at 1.1000.
- Expected trend: Bearish
EUR/USD has successfully reached its first negative target at 1.0935, and there are indications of further downward movement in the upcoming sessions, potentially leading to the next significant target at 1.0835.
As we closely monitor the intraday levels, the 50 SMA is exerting negative pressure on the pair. However, there is a possibility of a potential reversal if EUR/USD manages to pierce through the resistance levels at 1.0955 and 1.0990, effectively halting the current downward trend and steering the pair back into the ascending channel.
For today's trading, we anticipate the EUR/USD to move within the trading range of support at 1.0840 and resistance at 1.1000. As per our analysis, the expected trend for today remains bearish.
EUR/USD - Trade Idea
Entry Price – Sell Below 1.09495
Take Profit – 1.08757
Stop Loss – 1.10182
Risk to Reward – 1: 1
Profit & Loss Per Standard Lot = +$738/ -$687
Profit & Loss Per Micro Lot = +$73/ -$68
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