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

Daily Price Outlook

The EUR/USD pair is currently hovering around the 1.0880 mark, and its recent closure beneath this level sustains the bearish outlook for the foreseeable future. The subsequent target is set at 1.0785.

The influence of the EMA50 remains bearish, exerting downward pressure on the price and reinforcing the projected downtrend. This assessment is further supported by the presence of a double top pattern on the chart. It's noteworthy that a solid consolidation above 1.0880 would negate the negative scenario and potentially initiate a recovery phase, with an initial target at the 1.0955 level.

For the current day, the expected trading range spans between the support at 1.0790 and the resistance at 1.0950.

EUR/USD - Trade Idea

Entry Price – Sell Below 1.08890

Take Profit – 1.08401

Stop Loss – 1.09247

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$489/ -$357

Profit & Loss Per Micro Lot = +$48/ -$35