Daily Price Outlook

    * EUR/USD pair showing a slight bullish bias, finding support at 1.0966 level.

    * Technical indicators RSI and MACD suggest weakening selling bias, possibly triggering a bullish retracement.

    * Increased demand could extend the bullish trend, targeting 1.1006 or 1.1030 levels.

Good morning everyone!

On Wednesday, the EUR/USD pair is showing a slight bullish bias after finding initial support around the 1.0966 level. As we can see on the two-hourly time frame, the EUR/USD pair fell dramatically from the 1.1059 level to the 1.0966 level.

The RSI and MACD, which are leading technical indicators, have entered the oversold zone, and both indicators suggest that the selling bias is getting weaker.

This may lead to the euro currency pair bouncing off the immediate support level of 1.0966. The closing of candles above this level is likely to trigger a bullish retracement up to the 23.6% Fibonacci retracement level of 1.0998. A bullish breakout of the 1.0998 level could extend gains until the 38.2% Fibonacci retracement level of 1.1005.

Increased demand for EUR/USD could potentially break through the 1.1006 level and extend the bullish trend until the 1.1030 level, which marks a 61.8% Fibonacci retracement level. The idea is to look for a buy position above the 1.0966 support level to target either the 1.1006 or 1.1030 level.

 EUR/USD Price Chart - Source: Tradingview

EUR/USD – Trade Ideas

Entry Price – Buy Above 1.09664

Stop Loss – 1.09436

Take Profit – 1.10292

Risk to Reward – 1 : 2.7

Profit & Loss Per Standard Lot = +$628/ -$220

Profit & Loss Per Micro Lot = +$62/ -$22


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