Daily Price Outlook

    The EUR/USD pair is currently hovering around the 1.0900 mark. It's noteworthy that the stochastic indicator is displaying a diminishing bullish momentum, which could potentially prompt the pair to continue its downward trajectory, breaking below the 1.0880 threshold and aiming for the subsequent target of 1.0785.

    Given the backdrop of the recently formed double top pattern, coupled with the bearish influence exerted by the EMA50, we anticipate a continued bearish outlook. It's pivotal to highlight that maintaining levels below 1.1030 is crucial for the continuation of this predicted bearish momentum.

    For today, the trading spectrum is projected between a support level of 1.0830 and a resistance level of 1.0980.

    EUR/USD Price Chart – Source: Tradingview
    EUR/USD Price Chart – Source: Tradingview

    EUR/USD - Trade Idea

    Entry Price – Sell Below 1.09416

    Take Profit – 1.08914

    Stop Loss – 1.09683

    Risk to Reward – 1: 1.88

    Profit & Loss Per Standard Lot = +$502/ -$267

    Profit & Loss Per Micro Lot = +$50/ -$26



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