Daily Price Outlook

    The EUR/USD pair experienced a significant drop last Friday, reaching and surpassing our anticipated target of 1.0785. Notably, the daily candlestick closed below this level, suggesting a potential continuation of the downward trajectory in the subsequent sessions. This could pave the way for the pair to approach the next bearish target of 1.0700.

    Given these developments, our short-term and intraday forecasts maintain a bearish outlook, bolstered by the downward momentum indicated by the EMA50. It's crucial to highlight that if the price breaches the 1.0785 mark and stabilizes above it, we might see an onset of recovery efforts, with an initial target set at the 1.0785 region.

    Today's projected trading range lies between the support level of 1.0700 and the resistance level of 1.0845.

    EUR/USD Price Chart – Source: Tradingview
    EUR/USD Price Chart – Source: Tradingview

    EUR/USD - Trade Idea

    Entry Price – Buy Above 1.07733

    Take Profit – 1.08248

    Stop Loss – 1.07446

    Risk to Reward – 1: 1.7

    Profit & Loss Per Standard Lot = +$515/ -$287

    Profit & Loss Per Micro Lot = +$51/ -$28



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