EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

The EUR/USD pair is currently hovering around the pivotal support level of 1.0635. We anticipate a breach of this level to validate the continuation of its bearish trajectory, with an ensuing target at 1.0515.

The Stochastic oscillator is generating bearish indications, enhancing the likelihood of the anticipated decline. This is further reinforced by the downward pressure exerted by the EMA50.

However, a surge beyond 1.0680 would negate this bearish perspective and might prompt the pair to undertake recovery efforts, aiming for the 1.0785 region before any subsequent downturn. Today's projected trading range is delineated between the support at 1.0560 and the resistance at 1.0700. (edited)

EUR/USD - Trade Idea 

Entry Price – Sell Below 1.06711

Take Profit – 1.05694

Stop Loss – 1.07205

Risk to Reward – 1: 4

Profit & Loss Per Standard Lot = +$951/ -$56

Profit & Loss Per Micro Lot = +$101/ -$56