Daily Price Outlook
- EUR/USD pair remains in a sideways trajectory from the previous day; the EMA50 indicator's downward pressure sustains the bearish trend scenario.
- Confirming this trend scenario hinges on breaching the 1.0955 level, potentially extending the bearish movement towards 1.0880.
- Negative influence from a double top pattern enhances anticipated declines; crucial to stay below 1.1030 to maintain the bearish trend.
The EUR/USD pair has maintained a sideways and narrow trajectory since yesterday. It's worth noting that the EMA50 indicator continues to exert downward pressure on the price, thus sustaining the bearish trend scenario. The confirmation of this scenario hinges on the breach of the 1.0955 level, which would validate the extension of the bearish movement toward the 1.0880 level.
The presence of a double top pattern's negative influence enhances the likelihood of further anticipated declines in the forthcoming sessions. It's crucial to emphasize that the continuity of the bearish trend necessitates staying below the 1.1030 level.
For today, the projected trading range spans from the support level of 1.0900 to the resistance level of 1.1030.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.09770
Take Profit – 1.10380
Stop Loss – 1.09237
Risk to Reward – 1: 2.1
Profit & Loss Per Standard Lot = +$610/ -$533
Profit & Loss Per Micro Lot = +$61/ -$53
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