Daily Price Outlook
- The EUR/USD starts bullish, eyeing interim gains after an attempt to breach the 1.0955 mark, driven by the Stochastic indicator's positive trajectory.
- The EMA50's consistent downward influence, combined with the chart's evident double top pattern, accentuates the ongoing bearish correction trend.
- While the bearish outlook remains with a target at 1.0880, surpassing the 1.1030 threshold could shift the pair back to its dominant bullish path.
The EUR/USD pair made an effort to surpass the 1.0955 threshold but has commenced the day on a bullish note, influenced by the Stochastic indicator's positive outlook. Some interim gains are anticipated before the pair potentially resumes its downtrend.
The persistent downward pressure exerted by the EMA50 underscores the prevailing bearish correction trend, a sentiment further reinforced by the recently observed double top pattern on the chart.
In light of the current analysis, the bearish trajectory is projected to continue in the near term, with a key target pinpointed at 1.0880. It's imperative to note, however, that any breach above the 1.1030 level could negate this bearish forecast, redirecting the pair towards its primary bullish trajectory.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.09445
Take Profit – 1.10403
Stop Loss – 1.08992
Risk to Reward – 1: 2.1
Profit & Loss Per Standard Lot = +$958/ -$453
Profit & Loss Per Micro Lot = +$95/ -$45
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