Daily Price Outlook
- The EUR/USD has decisively crossed the 1.0955 threshold, hinting at a stronger bearish trend with an eye on the 1.0880 level.
- Influenced by a distinct double top pattern, there's potential for the pair to target a deeper decline towards 1.0785.
- With negative cues from the EMA50, maintaining levels below 1.1030 is crucial for sustained bearish momentum; today's key levels are 1.0840 (support) and 1.1000 (resistance).
The EUR/USD pair has successfully breached the 1.0955 mark, sealing the daily candlestick beneath it, thus strengthening the anticipation of an extended bearish trajectory in the intraday context, with a subsequent objective set at 1.0880.
The persistent influence of the double top formation is anticipated to exert additional downward pressure, potentially leading the pair to exceed the previously mentioned target, setting its sights on 1.0785 as the subsequent bearish milestone.
Given the adverse momentum steered by the EMA50, a continued bearish sentiment is forecasted in ensuing sessions. It's pivotal to note that for this bearish momentum to persist, the pair should remain below 1.1030.
Today's trading spectrum is delineated with a support at 1.0840 and resistance positioned at 1.1000.
A bullish sentiment will prevail above 1.09249, whereas a stance below this figure leans towards bearishness.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.09228
Take Profit – 1.09679
Stop Loss – 1.08965
Risk to Reward – 1: 1.7
Profit & Loss Per Standard Lot = +$451/ -$263
Profit & Loss Per Micro Lot = +$45/ -$26
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