Daily Price Outlook
- The EUR/USD is nearing the 1.0900 level, with the stochastic indicator indicating waning bullish momentum, suggesting a potential decline towards 1.0785.
- A recently observed double top pattern, alongside the bearish tilt of the EMA50, underscores an anticipated bearish trend, especially if the pair remains below 1.1030.
- Today's trading range for the pair is expected between the 1.0830 support and 1.0980 resistance.
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 - 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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