Daily Price Outlook
- EUR/USD demonstrated minor upward movements during the previous evening, testing the EMA50 resistance.
- A renewed bearish sentiment is evident in the current trading day, with a focus on revisiting the 1.0955 level.
- The preservation of the bearish trend scenario is aligned with the completed double top pattern, initiating a bearish correction with a target at 1.0880.
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 - 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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