Daily Price Outlook

    The EUR/USD currency pair has firmly established support at the 1.0700 threshold, currently exhibiting a mild upward tendency, influenced by positive stochastic readings. There's potential for the pair to approach and test the pivotal 1.0785 resistance level before anticipated retracement.

    The descending channel remains a dominant force in dictating the primary bearish trajectory, with the EMA50 consistently reinforcing this movement. The overarching bearish outlook remains intact for the foreseeable future unless the currency manages to breach and sustain above the 1.0785 mark. It's worth noting that our subsequent significant objective is pegged at 1.0635.

    Today's trading range is projected between the support at 1.0635 and resistance at 1.0785.

    EUR/USD Price Chart – Source: Tradingview
    EUR/USD Price Chart – Source: Tradingview

    EUR/USD - Trade Idea 

    Entry Price – Sell Below 1.07314

    Take Profit – 1.06872

    Stop Loss – 1.07716

    Risk to Reward – 1: 1

    Profit & Loss Per Standard Lot = +$442/ -$402

    Profit & Loss Per Micro Lot = +$44/ -$40



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