Daily Trade Ideas

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

By LonghornFX Technical Analysis
Aug 16, 20231 min
Eurusd

Daily Price Outlook

    The EUR/USD pair exhibited a bearish rebound upon encountering the initial significant resistance at 1.0955, signaling an intent to continue its corrective downward trajectory. A breach of the 1.0880 mark is crucial to pave the way for our subsequent target at 1.0785.

    Given these dynamics, the prevailing outlook remains bearish for the forthcoming period, further reinforced by the negative momentum implied by the EMA50.

    It's noteworthy that surpassing the 1.0955 level, followed by the 1.1030 threshold, would nullify the anticipated decline, steering the pair back toward a primary bullish trend.

    Today, we foresee a trading spectrum with a floor at 1.0820 and a ceiling at 1.0970.  

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

    EUR/USD - Trade Idea

    Entry Price – Sell Below 1.09313

    Take Profit – 1.08499

    Stop Loss – 1.09766

    Risk to Reward – 1: 1.8

    Profit & Loss Per Standard Lot = +$814/ -$453

    Profit & Loss Per Micro Lot = +$81/ -$45

    Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.

    EUR/USD

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