Daily Price Outlook
- EURUSD has achieved the envisaged target at 1.0880 and encountered robust resistance at this juncture.
- This resistance arises from the confluence of the previously surpassed 61.8% Fibonacci correction level and the resistance derived from the corrective bearish channel.
- The primary focus remains on testing the 1.0785 level. It's noteworthy that surpassing the range of 1.0880 to 1.0890 would invalidate the predicted decline, potentially opening the door to further advances around the 1.0955 region.
The EUR/USD pair has successfully reached our anticipated target at 1.0880, encountering strong resistance at this level. This resistance is a result of the convergence of the previously breached 61.8% Fibonacci correction level with the resistance of the corrective bearish channel. Additionally, clear negative signals have emerged through the stochastic indicator.
Consequently, we hold the view that there is a valid possibility of a bearish rebound, leading to potential negative price movement in the upcoming trading sessions. The focus is on testing the 1.0785 level as a primary target. It's noteworthy that surpassing the levels of 1.0880 to 1.0890 would negate the projected decline, potentially allowing for further gains toward the 1.0955 region. The projected trading range for today is anticipated to lie between the support at 1.0785 and the resistance at 1.0925.
The anticipated trend for today is bearish.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.08503
Take Profit – 1.09279
Stop Loss – 1.08001
Risk to Reward – 1: 1.55
Profit & Loss Per Standard Lot = +$776/ -$502
Profit & Loss Per Micro Lot = +$77/ -$50
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