Daily Price Outlook
- EUR/USD recently tested the bearish channel's resistance and shows indications of continuing its downward trend with a target at 1.0635.
- The 50-day EMA strengthens the resistance level, while the stochastic oscillator's diminishing positive momentum suggests potential declines.
- Today's trading is expected between the support level of 1.0660 and resistance at 1.0810, with a bearish trajectory unless a break above 1.0785 is achieved and sustained.
The EUR/USD currency pair concluded the previous session on a notably positive note, probing the resistance of the evident bearish channel showcased on the analytical chart. Notably, it has sustained below this resistance, commencing today with a bearish inclination, suggesting a potential continuation of the prevailing downtrend. The subsequent primary objective is set at 1.0635.
The 50-day Exponential Moving Average (EMA50) aligns with the aforementioned resistance, amplifying its robustness. Concurrently, the stochastic oscillator displays a clear wane in its positive momentum, reinforcing the prognosis for a decline in upcoming sessions.
Given these dynamics, the bearish trajectory is anticipated in both intraday and short-term scenarios, unless there's a breach beyond 1.0785 that remains sustained. Today's trading spectrum is projected to span from a support at 1.0660 to a resistance ceiling of 1.0810.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.07226
Take Profit – 1.07975
Stop Loss – 1.06783
Risk to Reward – 1: 1.6
Profit & Loss Per Standard Lot = +$749/ -$443
Profit & Loss Per Micro Lot = +$74/ -$44
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.