Daily Price Outlook

EUR/USD currency pair has managed to stop its previous downward rally and shown strength during the Asian session on Wednesday. However, the reason for its upward rally can be attributed to a more hawkish stance adopted by the European Central Bank (ECB).

In their recent statements, they expressed anticipations of raising interest rates at both the July and September meetings. Thus, this stance has provided support to the shared currency, resulting in a modest boost to the EUR/USD pair.

ECB Takes Cautious Stance, Plans Interest Rate Hikes Amid Lingering Inflation

As mentioned above, European Central Bank (ECB) officials showed a more cautious approach, indicating that they plan to increase interest rates in both July and September.

ECB President Lagarde mentioned that inflation has entered a new phase, and it may persist for a while. These remarks were seen as a key factor that has boosted the EUR/USD currency pair.

Fed Maintains Cautious Approach Amid Economic Uncertainties

Apart from ECB, Federal Reserve is being careful about their plans. They mentioned the possibility of increasing borrowing costs later this year, but they don't want to lower rates anytime soon. Their main concern is making sure inflation stays around 2% in the medium term.

Lately, some economic data in the US hasn't been very strong, like the PCE Price Index and ISM PMI. This has made people wonder if the Fed can keep raising interest rates. Investors are eagerly waiting for the release of the June FOMC meeting minutes to get an idea of what the Fed might do next.

Hence, the cautious outlook of the Federal Reserve will likely have an impact on the EUR/USD currency pair. If the Fed maintains a cautious stance and indicates a slower pace of interest rate increases, it may lead to a weakening of the US dollar. This could potentially strengthen the euro against the dollar, causing the EUR/USD currency pair to rise.

Market Focus on FOMC Minutes and Euro Zone Data

Looking forward, investors are waiting for the release of the June FOMC meeting minutes, as it will impact the near-term USD price and the EUR/USD pair. On the flip side, the final Services PMI and Producer Price Index (PPI) data are also important, but they may not strongly influence the currency pair's direction.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Technical analysis

The EURUSD pair kicked off the trading session today with a noticeable bearish tone, breaking the intraday bullish trend line and hinting at a potential slide throughout the day.

Our initial target for this downward move is around 1.0745, but keep a close eye on that level—it's a key point to watch. If the price manages to break below 1.0745, we might witness an extension of the bearish momentum, setting our sights on the 1.0630 area as the next major support level.

So, for today, we're leaning towards a bearish bias, and the fact that the price is trading below the EMA50 supports this view. However, it's worth noting that if we see a breakthrough above 1.0870, it could invalidate the negative scenario and potentially revive the main bullish trend.

In terms of the expected trading range, we anticipate it to fluctuate between the support level of 1.0730 and the resistance level of 1.0875.

All in all, the forecast for today's trend in the EURUSD pair points to a bearish outlook. So buckle up and let's see how the market unfolds!

Daily Price Outlook

• The EUR/USD pair is currently experiencing a calm negative trend, gradually approaching the 1.0860 level.
• A break below the neckline at 1.0840 is awaited to activate the negative effect of this pattern, potentially leading to a bearish move towards targets starting at 1.0795 and extending to 1.0730.
• The expected trading range for today is between the support level of 1.0800 and the resistance level of 1.0940.

The EUR/USD pair is currently exhibiting a subdued downtrend, gradually approaching the 1.0860 level. Notably, the price has recorded the third consecutive lower high, as depicted on the chart, indicating a potential triple top pattern.

To activate the negative impact of this pattern, a break below the neckline at 1.0840 is awaited, which could initiate a bearish move towards our projected targets starting at 1.0795 and extending to 1.0730.

Therefore, we maintain our suggestion of a bearish trend for the foreseeable future, supported by the downward pressure exerted by the EMA50 indicator.

It is important to note that a breach above 1.0940 would invalidate the aforementioned technical formation and potentially lead to a price recovery, with gains potentially reaching 1.1075 in the near term.

For today's trading, the expected range is anticipated to be between the support level of 1.0800 and the resistance level of 1.0940.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Sell Below 1.08879

Take Profit – 1.08402

Stop Loss – 1.09356

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$477/ -$477

Profit & Loss Per Micro Lot = +$47/ -$47

Daily Price Outlook

The EUR/USD pair remains in a neutral stance as it hovers around the 1.1011 level, while earlier on Wednesday in Europe, it faced downward pressure near the weekly low at 1.0880.

The lack of significant movement in the pair can be attributed to the cautious sentiment surrounding the release of the Federal Open Market Committee (FOMC) minutes for the June meeting and the Eurozone Producer Price Index (PPI) for May.

The sellers find support from the continued trading below the 50-day and 100-day Simple Moving Averages (SMA), along with bearish indications from the Moving Average Convergence Divergence (MACD) indicator.

Notably, the 50-day SMA is approaching a bearish cross and has crossed below the 100-day SMA, indicating the potential for further decline in the major currency pair.

The EUR/USD bears are eyeing the upward-sloping support line from May 31 near 1.0860, although the pair's decline may be limited unless it breaches the 1.0820 support level marked by the 200-day SMA.

However, short-term upside momentum is hindered by the convergence of the 50-day SMA and 100-day SMA, which currently align around 1.0910.

The Euro buyers will need to regain control and overcome the two-week-old downward-sloping resistance line, located around 1.0920, for a potential upward move.

As EUR/USD slides below 1.0900 ahead of the Eurozone PPI and FOMC minutes, concerns about a stronger US Dollar and weaker Euro prices contribute to the ongoing pressure.

It is important to monitor the market conditions and the risk-off sentiment as they may lead to further declines in the pair.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Technical analysis

The EUR/USD pair is currently exhibiting a subdued downtrend, gradually approaching the 1.0860 level. Notably, the price has recorded the third consecutive lower high, as depicted on the chart, indicating a potential triple top pattern.

To activate the negative impact of this pattern, a break below the neckline at 1.0840 is awaited, which could initiate a bearish move towards our projected targets starting at 1.0795 and extending to 1.0730.

Therefore, we maintain our suggestion of a bearish trend for the foreseeable future, supported by the downward pressure exerted by the EMA50 indicator.

It is important to note that a breach above 1.0940 would invalidate the aforementioned technical formation and potentially lead to a price recovery, with gains potentially reaching 1.1075 in the near term.

For today's trading, the expected range is anticipated to be between the support level of 1.0800 and the resistance level of 1.0940.

Daily Price Outlook

• The EUR/USD pair reached our target at 1.0860 after a notable downward movement, establishing a strong level of support.
• A prominent double top pattern has formed, indicating potential additional downward pressure in upcoming trading sessions.
• If the price breaks below the support level, it may trigger a significant rally towards the 1.0795 level. However, a failure to break below could lead to a possible upward movement, testing the resistance at 1.0940.

The EUR/USD pair exhibited a notable downward movement, successfully reaching our projected target at 1.0860 with confidence and subsequently stabilizing at that level. Presently, the price formation reveals a prominent double top pattern, which could exert additional downward pressure on the pair in the forthcoming trading sessions. It is crucial to monitor a potential breakthrough below the mentioned level, as it holds the key to potentially ignite a substantial rally towards the 1.0795 level.

As we analyze the performance, we anticipate further decline for the day, supported by the price's position below the EMA50. However, in the event that the anticipated breakthrough fails to materialize, we may witness a graceful upward movement, leading the price to test the resistance at 1.0940.

Prepare for an engaging trading session today, as the anticipated trading range lies between the reliable support level of 1.0790 and the formidable resistance level of 1.0930. The prevailing trend for today remains bearish, emphasizing the potential for continued downside movement.

EUR/USD Price Chart – Source: Tradingview

EUR/USD – Trade Idea

Entry Price – Buy Above 1.08490 Take Profit – 1.09173 Stop Loss – 1.07967 Risk to Reward – 1: 1.3 Profit & Loss Per Standard Lot = +$683/ -$523 Profit & Loss Per Micro Lot = +$68/ -$52

Daily Price Outlook

During the Asian trading session, the EUR/USD pair is hovering around the 1.0950 mark, a reflection of market ambiguity while traders keenly await Fed Chairman Jerome Powell’s speech for further insights into interest rate decisions.

S&P500 futures are witnessing minor losses in Asia, although US stocks maintained their bullish trajectory on Tuesday, driven by US Durable Goods Orders that outperformed expectations. This uptick in Durables demand hints at a possible revival in the somewhat sluggish manufacturing industry.

The US Census Bureau data showed that Durable Goods Orders grew by 1.7%, contradicting the anticipated 1% shrinkage. The May Durables numbers surpassed April’s 1.2% figure, with data excluding defense orders indicating a 3.0% growth against a forecast of a flat performance.

With the backing of robust US Durables figures and an increasingly likely restart of Fed policy tightening, the US Dollar Index (DXY) aims to push its recovery beyond 102.62.

The CME Fedwatch tool reveals an approximate 77% chance of a 25 basis point increase in interest rates to between 5.25 and 5.50%.

Conversely, the Euro experienced notable movement on Tuesday in response to a hawkish address by European Central Bank (ECB) President Christine Lagarde at the ECB forum of Central Banking.

Acknowledging soaring inflation in the Eurozone, Lagarde underscored the necessity for adequately strict monetary policies to mitigate price pressures and highlighted the recent escalation of inflation impact due to wage growth.

In the meantime, alarm bells are ringing over a potential deepening of Germany’s economic recession as the business sentiment has fallen for the second successive month.

The Ifo Institute reported a decline in the business climate index from 91.5 in May to 88.5 in June.

Investors should also be aware that the German economy is officially in a recession, as indicated by back-to-back quarters of shrinking Gross Domestic Product (GDP) figures.

EUR/USD Price Chart – Source: Tradingview

EUR/USD – Technical Analysis

In an exciting twist, the EURUSD pair has boldly leapfrogged the 1.0940 level and ended the day above it. This move has fortified our bullish expectations for the upcoming trading sessions and paves the way for the pair to journey towards the next upbeat stop at 1.1075.

As the pair has charted an inverted head and shoulders pattern, we remain bullish on both intraday and short-term projections.

However, we’d like to strike a note of caution: if the pair breaks below the 1.0940 level, it could find itself under a dark cloud of negative pressure, potentially dragging it down to test the 1.0860 area before it can bounce back up.

Today’s trading range is expected to oscillate between the 1.0880 support and the 1.1040 resistance.

Overall, we are feeling bullish about today’s trend. It’s going to be an interesting ride!

Daily Price Outlook

• The EURUSD pair confidently crossed the 1.0940 mark, strengthening our bullish outlook for future sessions.
• The pair’s completion of an inverted head and shoulders pattern suggests continued bullishness in the short term.
• If the pair dips below 1.0940, it may face negative pressure, pushing it to test the 1.0860 level before rebounding.

In an exciting twist, the EURUSD pair has boldly leapfrogged the 1.0940 level and ended the day above it. This move has fortified our bullish expectations for the upcoming trading sessions and paves the way for the pair to journey towards the next upbeat stop at 1.1075.

As the pair has charted an inverted head and shoulders pattern, we remain bullish on both intraday and short-term projections.

However, we’d like to strike a note of caution: if the pair breaks below the 1.0940 level, it could find itself under a dark cloud of negative pressure, potentially dragging it down to test the 1.0860 area before it can bounce back up.

Today’s trading range is expected to oscillate between the 1.0880 support and the 1.1040 resistance.

Overall, we are feeling bullish about today’s trend. It’s going to be an interesting ride!

EUR/USD Price Chart – Source: Tradingview

EUR/USD – Trade Idea

Entry Price – Sell Below 1.09756 Take Profit – 1.08907 Stop Loss – 1.10264 Risk to Reward – 1: 1.6 Profit & Loss Per Standard Lot = +$849/ -$508 Profit & Loss Per Micro Lot = +$84/ -$50

Daily Price Outlook

• EUR/USD pair fails to break 1.1000 barrier, rebounds towards key support at 1.0940
• Bearish trend expected as price tests 1.0940 support, target at 1.0860
• Close monitoring of price action at 1.0940 crucial for determining next trend

The EUR/USD pair made a failed attempt to break the 1.1000 barrier, resulting in a downward rebound towards the key support level at 1.0940.

Currently, the price is testing this level and aiming to break it, indicating a potential shift to a bearish trend on an intraday basis.

As a result, negative trading activity is expected for today, with the main target being the test of the 1.0860 level.

It is important to closely monitor the price action at this level, as it will play a significant role in determining the next trend.

However, it is worth noting that if the price fails to confirm a break below 1.0940, it could lead to a recovery and a return to the main bullish trend.

The projected trading range for today is between the support level of 1.0850 and the resistance level of 1.1000.

EUR/USD Price Chart – Source: Tradingview

EUR/USD – Trade Idea

Entry Price –Buy Limit 1.09029

Take Profit – 1.09973

Stop Loss – 1.08338

Risk to Reward – 1: 1.35

Profit & Loss Per Standard Lot = +$944/ -$691

Profit & Loss Per Micro Lot = +$94/ -$69

Daily Price Outlook

The EUR/USD pair continues to decline for the second consecutive day, extending its retracement slide from a six-week high. The pair is trading within a range of 1.0940-1.1935, down nearly 0.20% on the day.

The US Dollar (USD) has regained strength after reaching its lowest level since May 11. The USD’s rise can be attributed to the hawkish view of Federal Reserve (Fed) Chair Jerome Powell, who supports the argument for more interest rate hikes to address high inflation cautiously.

Powell’s statement during his congressional deposition that the Fed does not anticipate rate cuts in the near future has further supported the US dollar.

This overshadowed the negative US macro data released on Thursday, which showed that Initial Jobless Claims remained at a 20-month high, indicating a deteriorating labor market.

The overall weaker tone in equity markets also contributes to the safe-haven dollar’s strength and adds to the downward pressure on the EUR/USD pair.

Concerns about economic headwinds due to rising borrowing costs and strained US-China relations dampen investor appetite for riskier assets.

The upcoming release of flash PMI prints from the Eurozone and the United States will provide new insights into the global economy’s health and potentially influence the EUR/USD pair’s direction.

However, expectations of further interest rate hikes by the European Central Bank (ECB) may limit strong bearish bets and restrict the downside.

EUR/USD Price Chart – Source: Tradingview

EUR/USD – Technical Analysis

The EUR/USD pair made a failed attempt to break the 1.1000 barriers, resulting in a downward rebound toward the key support level at 1.0940.

Currently, the price is testing this level and aiming to break it, indicating a potential shift to a bearish trend on an intraday basis.

As a result, negative trading activity is expected today, with the main target being the test of the 1.0860 level.

It is important to closely monitor the price action at this level, as it will play a significant role in determining the next trend.

However, it is worth noting that if the price fails to confirm a break below 1.0940, it could lead to a recovery and a return to the main bullish trend.

The projected trading range for today is between the support level of 1.0850 and the resistance level of 1.1000.

Daily Price Outlook

The EUR/USD pair has bounced back strongly, forming a V-shaped recovery after finding support above 1.0700 in the European session. The recovery is mainly driven by a notable decline in the US Dollar, which keeps the EUR/USD currency pair higher.

Investors are uncertain about the possibility of another interest rate hike by the Federal Reserve (Fed), which has restricted the upward movement of the USD.

As of now, the EUR/USD pair is trading at 1.0719 and is consolidating within the range of 1.0669 to 1.0720.

Cautious Investor Sentiment and Positive Market Mood

The global market sentiment has been flashing mixed signals as investors are adopting a cautious stance ahead of Fed’s Monetary Policy decision. It is worth mentioning that the probability of the Fed announcing a pause in its interest rate policy is increasing, with over 73% chance.

This is mainly driven by the poor economic prospects of the United States, as indicated by seven consecutive monthly contractions in factory activity and challenges faced by the service sector.

This news has contributed to the EUR/USD pair’s strength and its ability to rebound, as investors anticipate a potentially more dovish stance from the Fed, favoring the euro over the US dollar.

Eurozone Economic Turmoil and Mixed German Industrial Figures

On the negative side, the Eurozone is facing economic challenges, resulting in credit rating downgrades. Germany, the largest economy in the Eurozone, is currently in a recession with declining Gross Domestic Product (GDP) over the past two quarters and slow factory activity.

Thus, the combination of weak economic performance and high inflation poses difficulties for the entire region, which was seen as a key factor that kept the lid on any additional gains in the EUR/USD pair.

In a positive development, recent data highlights a potential recovery in Germany’s manufacturing sector through a notable increase in industrial production. In April, industrial output rose by 0.3% compared to the previous month, exceeding market expectations.

This positive development brings hope and optimism to Germany’s manufacturing industry, suggesting a favorable trend in its overall economic performance.

As market sentiment responds positively to this improving economic outlook in Germany, it could potentially lead to further gains in the EUR/USD pair.

EUR/USD Price Chart – Source: Tradingview

EUR/USD – Technical Outlook

The EUR/USD pair initiated today’s trading session with a distinct bearish sentiment, breaking the previously established intraday bullish trend line. As a result, market focus shifts towards an anticipated decline, with an initial target set at 1.0745.

It is crucial for traders to closely observe the price action at this level, as a breach below it could prolong the bearish momentum, potentially leading to a test of the 1.0630 region, which serves as the next significant support zone.

Today’s trading outlook maintains a bearish bias, supported by the pair trading below the EMA50. However, if the EUR/USD manages to surpass the 1.0870 level, it could halt the negative scenario and facilitate a resumption of the primary bullish wave.

Traders should anticipate a trading range between the support level at 1.0730 and the resistance level at 1.0875 for today’s session. Overall, the expected trend for today remains bearish.

Daily Price Outlook

• EUR/USD pair starts the day on a negative note, breaking the intraday bullish trend line and targeting a decline towards 1.0745.
• Today’s trading outlook suggests a bearish bias as the price remains below the EMA50.
• Traders should expect a trading range between 1.0730 support and 1.0875 resistance for today’s session.

The EUR/USD pair kicked off today’s trading session with a clear negative tone, breaking the intraday bullish trend line. The focus now turns to the expected decline, with an initial target set at 1.0745.

Traders should closely monitor the price action at this level, as a break below it could extend the bearish momentum, potentially leading to a test of the 1.0630 region as the next major support zone.

Today’s trading outlook suggests a bearish bias, supported by the price trading below the EMA50. However, if the pair manages to breach the 1.0870 level, it could halt the negative scenario and pave the way for a resumption of the main bullish wave.

Traders should anticipate a trading range between support at 1.0730 and resistance at 1.0875 for today’s session. Overall, the expected trend for today is bearish.

EUR/USD Price Chart – Source: Tradingview

EUR/USD – Trade Idea

Entry Price – Sell Below 1.0688

Stop Loss – 1.07197

Take Profit – 1.06348

Risk to Reward – 1 : 1.75

Profit & Loss Per Standard Lot = +$540/ -$309

Profit & Loss Per Micro Lot = +$54/ -$30