EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD trades at $1.09204, just below the pivot point of $1.0956, indicating caution.
- 50-day EMA at $1.0891 provides support; RSI at 53 reflects a neutral market outlook.
- Buy limit at $1.08935 with a target of $1.09557; stop-loss set at $1.08653 to mitigate risk.
The EUR/USD is currently trading at $1.09204, showing a slight decline of 0.01% as the market remains cautious.
On the 4-hour chart, the pair is moving just below the pivot point at $1.0956, reflecting a neutral to bearish sentiment in the near term. Immediate resistance is located at $1.0955, with further resistance levels at $1.1010 and $1.1043.
These levels could act as targets if the euro gains momentum. On the downside, immediate support is seen at $1.0867, with subsequent support at $1.0828 and $1.0777, which could be tested if the selling pressure increases.
The 50-day Exponential Moving Average (EMA) is positioned at $1.0891, slightly below the current price, indicating that the pair might find support around this level.
The Relative Strength Index (RSI) is currently at 53, suggesting a neutral stance, with neither overbought nor oversold conditions prevailing.
This RSI reading leaves room for potential upward movement, especially if the euro can maintain its position above the 50 EMA.
Given the current technical setup, a buy limit order at $1.08935 could be a strategic entry point, aiming for a take-profit target at $1.09557. To manage downside risk, a stop-loss should be placed at $1.08653.
EUR/USD - Trade Ideas
Entry Price – Buy Limit 1.08935
Take Profit – 1.09557
Stop Loss – 1.08653
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$622/ -$282
Profit & Loss Per Mini Lot = +$62/ -$28
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD trades at $1.09202, with resistance at $1.0955 and support at $1.0867.
- RSI at 52 indicates a neutral stance, with potential for upward or downward movement.
- Buy limit at $1.08935 targeting $1.09557, with a stop loss at $1.08653.
The EUR/USD pair is trading at $1.09202, up a modest 0.05% on the day, reflecting a cautious market sentiment.
The 4-hour chart suggests the pair is struggling to find clear direction, with the price hovering below the pivot point at $1.0956.
The Relative Strength Index (RSI) stands at 52, indicating a neutral market tone where neither the bulls nor bears have a clear advantage.
Immediate resistance is pegged at $1.0955, just below the pivot point. A break above this level could open the door for further gains, with the next resistance levels at $1.1010 and $1.1043.
These are crucial for the pair, as overcoming them could signal a shift towards a more sustained bullish trend.
The 50-day Exponential Moving Average (EMA), currently at $1.0881, serves as a key support, reinforcing the broader upward bias as long as the price remains above this level.
On the downside, immediate support lies at $1.0867, with further support at $1.0828 and $1.0777.
A breach of these levels could indicate a potential reversal in the current trend, inviting bearish momentum into the market.
Given the mixed technical signals, a strategic approach might involve entering a buy position near $1.08935, with a take profit target set at $1.09557 and a stop loss at $1.08653.
This setup offers a balanced risk-reward ratio while capitalizing on the potential for a near-term recovery.
EUR/USD - Trade Ideas
Entry Price – Buy Limit 1.08935
Take Profit – 1.09557
Stop Loss – 1.08653
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$622/ -$282
Profit & Loss Per Mini Lot = +$62/ -$28
EUR/USD Price Analysis – Aug 09, 2024
Daily Price Outlook
During the European trading session, the EUR/USD currency pair failed to break its consolidating phase and remained sideways around the 1.0917 level, consolidating within the range of 1.0911 - 1.0929. However, the ECB is expected to deliver two more rate cuts this year.
This stance undermined the shared currency and contributed to the EUR/USD pair's subdued trend.
On the other hand, expectations for Federal Reserve rate cuts increased significantly following the weak US Nonfarm Payrolls (NFP) report for July, raising concerns about a potential recession.
However, these recession fears were tempered by lower-than-expected Initial Jobless Claims for the week ending August 2, which weakened the US dollar and may limit further losses in the EUR/USD pair.
Impact of Mixed Fed Rate Cut Expectations and Jobless Claims on EUR/USD
On the US front, the US Dollar Index (DXY) is trading around 103.00 after retreating from a high of 103.50.
This shift comes amid growing expectations for Federal Reserve rate cuts, spurred by a weak Nonfarm Payrolls (NFP) report for July, which heightened recession fears and triggered a global equity sell-off.
However, recent data on Initial Jobless Claims for the week ending August 2, which showed 233K claims versus the 240K estimate, suggests the labor market may be stronger than anticipated. This could provide support for the dollar.
Gennadiy Goldberg from TD Securities highlighted that the jobless claims data is positive, indicating that the labor market remains relatively strong despite the weaker payroll report.
According to the CME FedWatch tool, investors are now less certain about the size of potential Fed rate cuts in September, with a 54.5% chance of a 50 basis point cut, down from 74% a week earlier.
Therefore, the US Dollar Index’s pullback and mixed Fed rate cut expectations may lead to a modest rise in EUR/USD, as weaker dollar sentiment offsets potential support from positive jobless claims data.
Impact of ECB Rate Cut Expectations and Cautious Inflation Targets on EUR/USD
Conversely, the ECB is anticipated to implement two more rate cuts this year in response to the struggling Eurozone economy and its aim to achieve the 2% inflation target.
Despite this, ECB officials remain cautious and are not committing to a specific rate-cut schedule, acknowledging the challenging path to reaching their inflation goal.
Finnish ECB policymaker Olli Rehn emphasized that while inflation is easing, attaining the 2% target will be difficult.
He suggested that rate cuts could support the Eurozone’s fragile industrial sector and stimulate investment.
Rehn's remarks underscore the ECB's cautious stance and its focus on providing economic support amid uncertain conditions.
Hence, the expectations of further ECB rate cuts and a cautious approach to inflation could weaken the euro. This may lead to a rise in EUR/USD if the dollar remains under pressure from mixed Fed rate cut expectations and economic uncertainty.
EUR/USD - Technical Analysis
The EUR/USD pair is trading at $1.09202, up a modest 0.05% on the day, reflecting a cautious market sentiment.
The 4-hour chart suggests the pair is struggling to find clear direction, with the price hovering below the pivot point at $1.0956.
The Relative Strength Index (RSI) stands at 52, indicating a neutral market tone where neither the bulls nor bears have a clear advantage.
Immediate resistance is pegged at $1.0955, just below the pivot point. A break above this level could open the door for further gains, with the next resistance levels at $1.1010 and $1.1043.
These are crucial for the pair, as overcoming them could signal a shift towards a more sustained bullish trend.
The 50-day Exponential Moving Average (EMA), currently at $1.0881, serves as a key support, reinforcing the broader upward bias as long as the price remains above this level.
On the downside, immediate support lies at $1.0867, with further support at $1.0828 and $1.0777.
A breach of these levels could indicate a potential reversal in the current trend, inviting bearish momentum into the market.
Given the mixed technical signals, a strategic approach might involve entering a buy position near $1.08935, with a take profit target set at $1.09557 and a stop loss at $1.08653.
This setup offers a balanced risk-reward ratio while capitalizing on the potential for a near-term recovery.
Related News
S&P500 (SPX) Price Analysis – Aug 09, 2024
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD trades at $1.09189, below the pivot point of $1.0956, reflecting caution.
- RSI at 54 indicates a neutral stance, with potential for directional shifts.
- Buy at $1.08935, target $1.09557; stop-loss set at $1.08653 for risk management.
The EUR/USD pair is currently trading at $1.09189, marking a 0.14% decline as the market remains cautious amidst mixed economic signals.
The pivot point for today is set at $1.0956, acting as a critical threshold that could determine the currency pair's short-term direction.
Immediate resistance is identified at $1.0955, with further resistance levels at $1.1010 and $1.1043. Overcoming these barriers could signal a potential shift in momentum toward a bullish trend.
On the downside, immediate support is seen at $1.0867, followed by additional support levels at $1.0828 and $1.0777.
The Relative Strength Index (RSI) is positioned at 54, indicating a neutral stance in terms of market momentum, as it sits in the middle of the scale.
The 50-day Exponential Moving Average (EMA) is at $1.0863, suggesting that the market is maintaining a slight bullish bias as long as the price remains above this indicator.
The recommended strategy for traders is to consider entering a long position with a buy limit at $1.08935, targeting a take-profit at $1.09557 while setting a stop-loss at $1.08653 to manage risk.
EUR/USD - Trade Ideas
Entry Price – Buy Limit 1.08935
Take Profit – 1.09557
Stop Loss – 1.08653
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$622/ -$282
Profit & Loss Per Mini Lot = +$62/ -$28
EUR/USD Price Analysis – Aug 07, 2024
Daily Price Outlook
During the European trading session on Wednesday, the EUR/USD currency pair failed to halt its downward trend and remained offered around the 1.0918 level, hitting an intra-day low of 1.0905.
This decline can be attributed to the European Central Bank's (ECB) downbeat view of the Eurozone's economic prospects, which continues to undermine the shared currency and exert downward pressure on the EUR/USD pair.
Conversely, rising expectations of a 50-basis point rate cut by the Fed in September have weakened the US dollar, helping to limit deeper losses in the EUR/USD pair.
The CME FedWatch tool indicates a 67.5% chance of a 50-basis point Fed rate cut in September, up from 13.2% last week.
US Dollar Weakens on Rate Cut Expectations, EUR/USD Limits Losses
On the US front, the broad-based US dollar struggled to sustain its bullish momentum and edged lower as expectations of a more aggressive rate cut in September increased.
This shift followed weaker US employment data for July, which heightened concerns about a potential recession.
The CME FedWatch tool now indicates a 67.5% probability of a 50-basis point interest rate cut by the Federal Reserve in September, a significant rise from 13.2% a week earlier.
According to Reuters, Federal Reserve Bank of San Francisco President Mary Daly indicated that risks to the Fed's mandates are becoming more balanced, suggesting a potential openness to cutting rates in future meetings.
Additionally, Chicago Fed President Austan Goolsbee mentioned that the central bank is ready to take action if economic or financial conditions deteriorate.
Therefore, the US dollar's decline due to increased rate cut expectations and weaker employment data has exerted upward pressure on the EUR/USD pair. The anticipated Fed rate cut and dovish Fed signals contribute to a more favorable environment for the euro.
Euro Faces Pressure as ECB Remains Cautious, but German Data Provides Support
On the EUR front, the shared currency is under pressure against the USD due to the European Central Bank's (ECB) gloomy outlook on the Eurozone economy.
However, strong economic data from Germany is providing some support. Recent figures from Destatis show that Germany’s industrial sector grew by 1.4% in June, exceeding expectations of a 1.0% increase and recovering from a 2.5% decline in May.
This growth in Germany, the Eurozone’s largest economy, helps stabilize the euro and mitigate further losses.
EUR/USD - Technical Analysis
The EUR/USD pair is currently trading at $1.09189, marking a 0.14% decline as the market remains cautious amidst mixed economic signals.
The pivot point for today is set at $1.0956, acting as a critical threshold that could determine the currency pair's short-term direction.
Immediate resistance is identified at $1.0955, with further resistance levels at $1.1010 and $1.1043. Overcoming these barriers could signal a potential shift in momentum toward a bullish trend.
On the downside, immediate support is seen at $1.0867, followed by additional support levels at $1.0828 and $1.0777.
The Relative Strength Index (RSI) is positioned at 54, indicating a neutral stance in terms of market momentum, as it sits in the middle of the scale.
The 50-day Exponential Moving Average (EMA) is at $1.0863, suggesting that the market is maintaining a slight bullish bias as long as the price remains above this indicator.
The recommended strategy for traders is to consider entering a long position with a buy limit at $1.08935, targeting a take-profit at $1.09557 while setting a stop-loss at $1.08653 to manage risk.
Related News
GBP/USD Price Analysis – Aug 07, 2024
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD faces immediate resistance at $1.0988, with support at $1.0892.
- RSI at 73 indicates overbought conditions, suggesting potential for a pullback.
- The 50-day EMA at $1.0852 provides dynamic support for the current bullish trend.
The EUR/USD pair is trading at $1.09566, showing a modest decline of 0.09% as investors react to mixed economic signals from both sides of the Atlantic.
The pair has recently navigated a challenging environment, with traders keeping a close eye on technical levels for clues about its next move.
The 4-hour chart reveals that EUR/USD is slightly above its pivot point of $1.0946, indicating a potential bullish outlook if it maintains support above this level.
Immediate resistance is observed at $1.0988, which could act as a hurdle for any upward movement. If the pair manages to break through this resistance, it may target further gains at $1.1022 and $1.1048.
On the downside, immediate support is positioned at $1.0892, with additional support levels at $1.0858 and $1.0822. Traders should monitor these support levels closely, as a breach could signal further bearish momentum.
The Relative Strength Index (RSI) stands at 73, indicating that the EUR/USD is currently in overbought territory. This suggests a possible correction could be on the horizon if the buying pressure eases.
Meanwhile, the 50-day Exponential Moving Average (EMA) is situated at $1.0852, offering dynamic support that aligns with the bullish sentiment observed in recent sessions.
Given the current technical setup, traders might consider buying EUR/USD above the entry price of $1.09457, aiming for a potential upside toward the target of $1.10107. To manage risk, a stop-loss should be placed at $1.08909.
EUR/USD - Trade Ideas
Entry Price – Buy Above 1.09457
Take Profit – 1.10107
Stop Loss – 1.08909
Risk to Reward – 1: 1.19
Profit & Loss Per Standard Lot = +$650/ -$548
Profit & Loss Per Mini Lot = +$65/ -$54
EUR/USD Price Analysis – Aug 05, 2024
Daily Price Outlook
During the European trading session, the EUR/USD currency pair gained bullish momentum and remained well-supported around the 1.0945 level despite disappointing Eurozone data.
This upward trend can be attributed to the weakening US dollar, which lost strength due to dovish sentiment surrounding the Federal Reserve’s policy stance.
Although the downbeat Eurozone data contributed to limiting further gains in the EUR/USD pair, the overall bearish outlook on the US dollar played a crucial role in driving the currency’s rise.
Looking ahead, traders will closely monitor the US ISM Services Purchasing Managers Index (PMI). Expected to rise to 51.0 in July from 48.8 in June, the PMI could significantly influence the market. A stronger-than-anticipated PMI might bolster the USD and potentially limit gains in other assets.
Impact of Weak US Labor Market and Dovish Fed Outlook on EUR/USD
On the US front, the US dollar struggled to gain traction and edged lower due to the Federal Reserve's dovish stance and weak employment data. Traders anticipate a 50-basis point rate cut in September and over 100 basis points in total this year, according to the CME FedWatch tool.
These expectations stem from disappointing US economic data, which suggest a slowdown and raise concerns about the possibility of a "soft landing" for the economy.
Meanwhile, the labor market is weakening, and the manufacturing sector is experiencing a sharp slowdown.
The July Nonfarm Payrolls report revealed a decline in labor demand and a rise in unemployment to its highest level since November 2021. This deterioration heightens the likelihood of rate cuts.
On the data front, US Nonfarm Payrolls increased by 114,000 in July, falling short of the 175,000 expected and down from 179,000 in June. The unemployment rate rose to 4.3%, the highest since November 2021, and Average Hourly Earnings grew by just 0.2%, below the 0.3% forecast.
Therefore, the weakening US labor market and lower-than-expected Nonfarm Payrolls may boost the EUR/USD pair, as dovish Fed expectations could weaken the USD and enhance the euro's appeal.
Impact of Eurozone Economic and Geopolitical Uncertainty on EUR/USD
On the Eurozone front, higher preliminary Harmonized Index of Consumer Prices (HICP) for July has cast doubt on potential European Central Bank (ECB) rate cuts in September. The Eurozone Sentix Investor Confidence Index dropped sharply from -7.3 in July to -13.9 in August, reflecting growing concerns.
In the meantime, the Expectations Index also fell from 1.5 in July to -8.8 in August. Sentix attributed these declines to worries about the fragile geopolitical situation, including issues in the Middle East, upcoming German state elections, and uncertainty surrounding the US presidential election later this year.
Therefore, the uncertainty over ECB rate cuts and declining Eurozone investor confidence could weigh on the EUR/USD pair, as concerns about economic and geopolitical instability may undermine the euro's strength.
EUR/USD - Technical Analysis
The EUR/USD pair is trading at $1.09566, showing a modest decline of 0.09% as investors react to mixed economic signals from both sides of the Atlantic.
The pair has recently navigated a challenging environment, with traders keeping a close eye on technical levels for clues about its next move.
The 4-hour chart reveals that EUR/USD is slightly above its pivot point of $1.0946, indicating a potential bullish outlook if it maintains support above this level.
Immediate resistance is observed at $1.0988, which could act as a hurdle for any upward movement. If the pair manages to break through this resistance, it may target further gains at $1.1022 and $1.1048.
On the downside, immediate support is positioned at $1.0892, with additional support levels at $1.0858 and $1.0822. Traders should monitor these support levels closely, as a breach could signal further bearish momentum.
The Relative Strength Index (RSI) stands at 73, indicating that the EUR/USD is currently in overbought territory. This suggests a possible correction could be on the horizon if the buying pressure eases.
Meanwhile, the 50-day Exponential Moving Average (EMA) is situated at $1.0852, offering dynamic support that aligns with the bullish sentiment observed in recent sessions.
Given the current technical setup, traders might consider buying EUR/USD above the entry price of $1.09457, aiming for a potential upside toward the target of $1.10107. To manage risk, a stop-loss should be placed at $1.08909.
Related News
GBP/USD Price Analysis – Aug 05, 2024
EUR/USD Price Analysis – Aug 02, 2024
Daily Price Outlook
During the European trading session, the EUR/USD currency pair maintained its upward trend and edged higher around 1.0830, hitting an intra-day high of 1.0838.
This upward movement can be attributed to the hotter-than-expected Eurozone preliminary Harmonized Index of Consumer Prices (HICP) in July, which has increased inflation concerns and led to reduced investor confidence in the euro.
Meanwhile, the US dollar shows a subdued performance as a string of weak US economic data points to a slowdown in the economy. The major currency pair is expected to remain on the sidelines as investors await the United States (US) Nonfarm Payrolls (NFP) data for July, which will be published at 12:30 GMT.
EUR/USD May Rise as US Dollar Weakens on Dovish Fed Guidance and Economic Data
On the US front, the broad-based US dollar failed to stop its downward trend and edged lower, even though the Fed leaned towards policy normalization in September. On Wednesday, the Fed kept interest rates unchanged at 5.25%-5.50% but gave dovish guidance.
Fed Chair Jerome Powell suggested that a rate cut could be possible in September if inflation aligns with expectations and the economy remains strong. Ahead of the US Nonfarm Payrolls (NFP) report, the dollar shows weakness due to recent poor economic data, and the US Dollar Index (DXY) fell to around 104.20.
On the data front, economists estimate that 175,000 new jobs were added in July, down from 206,000 previously, with the Unemployment Rate expected to hold steady at 4.1%. Investors will watch the Average Hourly Earnings data, which is forecasted to show a slowdown in annual wage growth to 3.7% from 3.9%, with a monthly increase of 0.3%.
Additionally, the US ISM Manufacturing PMI report for July revealed a faster-than-expected contraction to 46.8, compared to the estimated 48.8. Initial Jobless Claims for the week ending July 26 rose to 249,000, higher than the expected 236,000 and the previous 235,000.
Therefore, the EUR/USD pair could benefit from the US dollar's weakness and dovish Fed outlook. With weaker US economic data and potential rate cuts, the euro gains an advantage, driving the EUR/USD pair higher as investors react to these conditions.
Euro Faces Pressure Amidst Strong Eurozone Inflation and GDP Growth
On the EUR front, the euro struggles to gain traction despite higher-than-expected Eurozone inflation and GDP growth. The Eurozone's preliminary HICP for July rose to 2.6%, surpassing expectations of 2.4%, and core HICP increased to 2.9% from an expected 2.8%. Additionally, the GDP growth for Q2 was 0.3%, above the anticipated 0.2%.
This combination of persistent inflation and steady growth dampens expectations for European Central Bank (ECB) rate cuts. While some ECB policymakers are open to the possibility of rate cuts, others remain cautious about committing to this path.
Therefore, the EUR/USD pair face pressure as higher inflation and stronger GDP growth in the Eurozone reduce expectations for ECB rate cuts. This limit the euro's upward momentum against the dollar.
EUR/USD - Technical Analysis
The EUR/USD pair is trading at $1.08040, marking a slight increase of 0.05% as markets digest recent economic data and central bank signals. The 4-hour chart indicates that the pair is currently trading just below the pivot point of $1.0819, suggesting a cautious market sentiment.
Immediate resistance is at $1.0849, with further barriers at $1.0870 and $1.0903. For the euro to gain upward momentum, it needs to break decisively above these levels.
On the downside, support is found at $1.0777, with additional support at $1.0741 and $1.0710. A breach of these support levels could lead to a more pronounced decline, especially if US economic data continues to show resilience.
The Relative Strength Index (RSI) is at 45, indicating that the pair is neither overbought nor oversold, providing room for potential moves in either direction.
The 50-day Exponential Moving Average (EMA) is positioned at $1.0834, which the pair is currently trading below, suggesting a bearish outlook in the short term.
Traders are advised to consider selling below $1.08182, with a target take-profit level at $1.07584 and a stop-loss set at $1.08481. This strategy allows traders to capitalize on potential downward moves while managing risk effectively.
Related News
S&P500 (SPX) Price Analysis – Aug 02, 2024
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD trades at $1.08040, up 0.05%, amid mixed economic signals and central bank insights.
- RSI at 45 suggests neutral conditions; potential for moves in either direction remains.
- Sell below $1.08182; target take-profit at $1.07584, with a stop-loss at $1.08481.
The EUR/USD pair is trading at $1.08040, marking a slight increase of 0.05% as markets digest recent economic data and central bank signals. The 4-hour chart indicates that the pair is currently trading just below the pivot point of $1.0819, suggesting a cautious market sentiment.
Immediate resistance is at $1.0849, with further barriers at $1.0870 and $1.0903. For the euro to gain upward momentum, it needs to break decisively above these levels.
On the downside, support is found at $1.0777, with additional support at $1.0741 and $1.0710. A breach of these support levels could lead to a more pronounced decline, especially if US economic data continues to show resilience.
The Relative Strength Index (RSI) is at 45, indicating that the pair is neither overbought nor oversold, providing room for potential moves in either direction.
The 50-day Exponential Moving Average (EMA) is positioned at $1.0834, which the pair is currently trading below, suggesting a bearish outlook in the short term.
Traders are advised to consider selling below $1.08182, with a target take-profit level at $1.07584 and a stop-loss set at $1.08481. This strategy allows traders to capitalize on potential downward moves while managing risk effectively.
EUR/USD - Trade Ideas
Entry Price – Sell Below 1.08182
Take Profit – 1.07584
Stop Loss – 1.08481
Risk to Reward – 1: 1.7
Profit & Loss Per Standard Lot = +$598/ -$299
Profit & Loss Per Mini Lot = +$59/ -$29
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD trades at $1.08142, up 0.01%, indicating mixed sentiment on the 4-hour chart.
- Immediate resistance levels: $1.08701, $1.09025, $1.09288; support levels: $1.08021, $1.07772, $1.07533.
- RSI at 42, 50-day EMA at $1.08530, suggesting a sell below $1.08264, take profit at $1.07765, and stop loss at $1.08720.
EUR/USD is trading at $1.08142, up 0.01% on the day. The 4-hour chart indicates a mixed sentiment, with the pair hovering just below the pivot point at $1.08358. Immediate resistance is identified at $1.08701, followed by $1.09025 and $1.09288.
On the downside, immediate support is seen at $1.08021, with further support levels at $1.07772 and $1.07533.
Technical indicators provide a neutral to slightly bearish outlook. The Relative Strength Index (RSI) is at 42, suggesting the pair is not in overbought or oversold territory, but leaning towards bearishness.
The 50-day Exponential Moving Average (EMA) stands at $1.08530, indicating a potential resistance level if prices attempt to rally.
The recommended trade setup is to enter a sell position below $1.08264, with a take profit target at $1.07765 and a stop loss at $1.08720. This strategy aims to capitalize on the bearish momentum while managing risk effectively.
Overall, the technical outlook for EUR/USD suggests a cautious approach with a slight bearish bias below the pivot point at $1.08358. A sustained move above immediate resistance at $1.08701 could signal a shift towards a bullish trend, targeting higher resistance levels.
Conversely, a break below immediate support at $1.08021 may reinforce the bearish trend, aiming for lower support levels.
In conclusion, traders should monitor the EUR/USD closely for potential bearish opportunities below $1.08358, while remaining vigilant for any signs of a trend reversal at key resistance levels.
EUR/USD - Trade Ideas
Entry Price – Sell Below 1.08362
Take Profit – 1.07957
Stop Loss – 1.08608
Risk to Reward – 1: 1.6
Profit & Loss Per Standard Lot = +$405/ -$246
Profit & Loss Per Mini Lot = +$40/ -$24