EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

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