Daily Price Outlook
- The EUR/USD pair is displaying fluctuations around the 1.0880 level, accompanied by attempts to consolidate below it.
- Consequently, our assessment indicates the continued validity of the potential resumption of the expected bearish trend in the upcoming period. The subsequent significant target rests at 1.0785.
- The projected trading range for the day encompasses the support at 1.0790 and the resistance at 1.0950.
The EUR/USD pair is exhibiting fluctuations near the 1.0880 level, while also making attempts to consolidate below it. Notably, the stochastic indicator is experiencing a decline in its positive momentum, approaching the overbought zones. Meanwhile, the EMA50 is exerting downward pressure on the price.
As a result, we hold the view that the likelihood of a resumption in the anticipated bearish trend remains valid for the upcoming period. The subsequent significant target lies at 1.0785. It's worth considering that a breach of the 1.0880 level could initiate recovery efforts, aiming for testing the 1.0955 mark before a clear trend direction becomes evident.
The trading range expected for today spans between the support at 1.0790 and the resistance at 1.0950.
EUR/USD - Trade Idea
Entry Price – Sell Below 1.08811
Take Profit – 1.08460
Stop Loss – 1.08992
Risk to Reward – 1: 1.9
Profit & Loss Per Standard Lot = +$351/ -$181
Profit & Loss Per Micro Lot = +$35/ -$18
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.
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.