Daily Price Outlook

    The EUR/USD pair exhibited marginal upward shifts during the preceding evening, scrutinizing the resistance posed by the EMA50. As we initiate the current trading day, a revitalized bearish sentiment has manifested, characterized by a trajectory aimed at revisiting the 1.0955 level.

    This tactical move is congruent with the ongoing preservation of the bearish trend scenario, which persists as a consequence of the observed completion of a double top pattern. This specific pattern instigated a deviation from the previously observed bullish trajectory, subsequently initiating a bearish correction with its ensuing target positioned at 1.0880.

    Consequently, we anticipate the continuation of negative market dynamics in the forthcoming trading sessions. However, it is prudent to acknowledge that a breach of the 1.1030 level would serve to mitigate the prevailing downward pressure, potentially redirecting the price towards the primary bullish trend.

    The anticipated trading range for the present day is projected to fluctuate within the boundaries of support at 1.0900 and resistance at 1.1040.

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

    EUR/USD - Trade Idea

    Entry Price – Buy Above 1.09791

    Take Profit – 1.10993

    Stop Loss – 1.09063

    Risk to Reward – 1: 1.65

    Profit & Loss Per Standard Lot = +$1202/ -$728

    Profit & Loss Per Micro Lot = +$120/ -$72



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