Daily Price Outlook
- EUR/USD begins the trading session with noticeable downward movement, breaching the intraday bullish trend line.
- The pair's trajectory points towards an expected intraday decline, targeting an initial level of 1.0745.
- Vigilance is crucial as the price approaches 1.0745, where a successful breach could potentially extend the bearish momentum toward the 1.0630 area, acting as the subsequent key level.
The EUR/USD pair demonstrated significant upward momentum in the previous session, successfully breaching the 1.0880 level and advancing towards the 1.0955 threshold. This movement indicated an endeavor to regain ground in the upcoming trading sessions. However, the influence of stochastic negativity is currently introducing a certain bearish inclination.
Given this situation, the conflicting technical indicators prompt us to adopt a neutral stance until clearer signals emerge regarding the next directional movement. These signals could manifest through either a breach of the 1.0955 level or a breakdown below the 1.0880 support. It's important to note that a continuation of the ascent beyond this resistance could drive the price towards 1.1030 as the subsequent favorable target. Conversely, a breach of the support holds the potential to reignite the primary bearish trend, with the next target positioned at 1.0785.
Anticipated trading activities for today are expected to transpire within the range of support at 1.0830 and resistance at 1.1010.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.08932
Take Profit – 1.09840
Stop Loss – 1.08489
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$908/ -$443
Profit & Loss Per Micro Lot = +$90/ -$44
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