Daily Price Outlook
- EUR/USD remains close to 1.0785, with the stochastic indicator showing diminishing bullish momentum and the EMA50 pushing the pair downwards.
- A potential movement below the current level may target the 1.0700 benchmark, while breaking above 1.0835 could lead to tests near the 1.0880 region.
- Today's expected trading range spans from 1.0720 (support) to 1.0880 (resistance).
The EURUSD currency pair currently hovers around the 1.0785 mark. It's observed that the stochastic exhibits a measured waning of its bullish momentum, concurrently with the EMA50 exerting downward pressure on the pair.
Considering these indicators, there's a heightened propensity for the pair to revert to its overarching bearish trajectory, as delineated within the bearish channel depicted on the chart. A definitive breach below the current level could signal a trajectory towards the 1.0700 benchmark. Conversely, surpassing the 1.0835 threshold might catalyze intraday advancements, with a potential aim to approach the 1.0880 mark before any subsequent retracements.
For today, the anticipated trading range is set between the 1.0720 support and 1.0880 resistance levels.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.08033
Take Profit – 1.08406
Stop Loss – 1.07726
Risk to Reward – 1: 1.2
Profit & Loss Per Standard Lot = +$373/ -$307
Profit & Loss Per Micro Lot = +$37/ -$30
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