Daily Price Outlook

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

    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



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