Daily Price Outlook
- The EUR/USD pair saw a pronounced decline last Friday, with the daily candlestick closing below the key 1.0785 level.
- Bearish momentum, emphasized by the EMA50, remains strong; though surpassing 1.0785 might initiate recovery efforts.
- Today's expected trading range spans from a 1.0700 support to a 1.0845 resistance.
The EUR/USD pair experienced a significant drop last Friday, reaching and surpassing our anticipated target of 1.0785. Notably, the daily candlestick closed below this level, suggesting a potential continuation of the downward trajectory in the subsequent sessions. This could pave the way for the pair to approach the next bearish target of 1.0700.
Given these developments, our short-term and intraday forecasts maintain a bearish outlook, bolstered by the downward momentum indicated by the EMA50. It's crucial to highlight that if the price breaches the 1.0785 mark and stabilizes above it, we might see an onset of recovery efforts, with an initial target set at the 1.0785 region.
Today's projected trading range lies between the support level of 1.0700 and the resistance level of 1.0845.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.07733
Take Profit – 1.08248
Stop Loss – 1.07446
Risk to Reward – 1: 1.7
Profit & Loss Per Standard Lot = +$515/ -$287
Profit & Loss Per Micro Lot = +$51/ -$28
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