Daily Price Outlook
The EUR/USD currency pair has engaged with the upper boundary of its bearish channel and now exhibits consolidation beneath it. Notably, the EMA50 reinforces the integrity of this resistance, hinting at a continuation of the projected bearish trajectory in the foreseeable future. This movement sets its sights on the 1.0635 level, with further descent to 1.0515 should the former be breached.
The current upbeat momentum of the Stochastic oscillator may induce transient lateral movements before a reversion to a downward trend. It's imperative to acknowledge that a surpass of the 1.0705 mark would negate the anticipated decline, potentially propelling the price towards intraday highs around 1.0785 prior to any subsequent bearish endeavors. For today, the trading bracket is estimated to stretch from a foundational support at 1.0590 to a resistance cap at 1.0740.
EUR/USD - Trade Idea
Entry Price – Buy Limit 1.06766
Take Profit – 1.07349
Stop Loss – 1.06511
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$583/ -$255
Profit & Loss Per Micro Lot = +$58/ -$25
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