Daily Price Outlook
- The EUR/USD pair closed below the pivotal 1.0880 level, hinting at an imminent bearish trend with a potential decline to 1.0785 and possibly further to 1.0700.
- Today's bearish sentiment is amplified by the influence of the EMA50, although surging past 1.0880 could shift the narrative towards recovery.
- Expected trading bounds for the day lie between 1.0750 (support) and 1.0900 (resistance).
The EUR/USD pair decisively breached the 1.0880 threshold, closing below it yesterday, signaling a return to its prevailing bearish trajectory visible on the chart. In forthcoming sessions, the pair appears poised to further descend, potentially testing the 1.0785 marker. A break beneath this level could set the stage for a deeper decline, targeting 1.0700.
Today's outlook is predominantly bearish, further reinforced by the downward pressure exerted by the EMA50. However, it's pertinent to highlight that any move above 1.0880 could neutralize this bearish outlook, potentially paving the way for recovery efforts. The trading range for today is anticipated to span from a support at 1.0750 to a resistance at 1.0900.
GOLD(XAU/USD) - Trade Idea
Entry Price – Buy Limit 1.08349
Take Profit – 1.08773
Stop Loss – 1.07954
Risk to Reward – 1: 1
Profit & Loss Per Standard Lot = +$424/ -$395
Profit & Loss Per Micro Lot = +$42/ -$39
Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.