Daily Price Outlook
- The EUR/USD pair is on a bearish course, nearing the 1.0700 mark, with current market indicators pointing towards an eventual aim at the 1.0635 level.
- The prevalent descending channel, accentuated by the influence of the EMA50, guides the projected downturn. Retaining this trend is contingent upon the price remaining beneath 1.0785 and 1.0815.
- Anticipated trading bounds for the day lie between the support at 1.0635 and the resistance at 1.0785.
The EUR/USD pair continues its bearish trajectory, approaching our primary forecasted level at 1.0700. As the market opened, the currency exhibited a lateral movement, signaling an anticipation of further bearish momentum to guide the price towards its subsequent target at 1.0635.
The descending channel remains a dominant factor in steering the anticipated bearish movement, further bolstered by the consistent influence of the EMA50. It's crucial to underscore that sustaining this bearish course hinges on the price maintaining below the thresholds of 1.0785 and 1.0815.
Today's trading parameters are projected to span from a support level at 1.0635 to a resistance level at 1.0785.
EUR/USD - Trade Idea
Entry Price – Sell Below 1.07362
Take Profit – 1.06704
Stop Loss – 1.07762
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$658/ -$400
Profit & Loss Per Micro Lot = +$65/ -$40
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.
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