Daily Price Outlook
- EUR/USD is trading near the 1.0880 level, staying just below it, with EMA50 reinforcing this resistance.
- Stochastic indicator signals overbought conditions with diminishing positive momentum.
- Anticipate a bearish correction ahead, aiming to resume the prevailing downtrend, targeting 1.0785.
The EUR/USD currency pair is currently trading around the 1.0880 level, maintaining its position just below this level. Notably, the EMA50 intersects with this resistance, lending further reinforcement to its significance. Meanwhile, the stochastic indicator is displaying a clear loss of its positive momentum, signaling overbought conditions at present.
Given these circumstances, we are inclined to anticipate a bearish correction in the upcoming trading sessions, leading to a resumption of the prevailing bearish trend. It is noteworthy that our target for this movement is situated at 1.0785.
However, a breach of the 1.0880 level would negate the anticipated decline and potentially initiate a recovery, potentially resulting in further intraday gains. The projected trading range for today is positioned between the support level of 1.0770 and the resistance level of 1.0920.
EUR/USD - Trade Idea
Entry Price – Sell Below 1.08748
Take Profit – 1.08022
Stop Loss – 1.09285
Risk to Reward – 1: 13
Profit & Loss Per Standard Lot = +$726/ -$537
Profit & Loss Per Micro Lot = +$72/ -$53
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