Daily Price Outlook
- EUR/USD showcases a subtle bullish inclination from its strong 1.0700 support, eyeing the critical 1.0785 resistance.
- The prevailing descending channel, bolstered by the EMA50, maintains the primary bearish stance; breach above 1.0785 could alter this outlook.
- Anticipated daily trading bounds span from a 1.0635 support to a 1.0785 resistance.
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 - 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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