Daily Price Outlook

    The EUR/USD currency pair concluded the previous session on a notably positive note, probing the resistance of the evident bearish channel showcased on the analytical chart. Notably, it has sustained below this resistance, commencing today with a bearish inclination, suggesting a potential continuation of the prevailing downtrend. The subsequent primary objective is set at 1.0635.

    The 50-day Exponential Moving Average (EMA50) aligns with the aforementioned resistance, amplifying its robustness. Concurrently, the stochastic oscillator displays a clear wane in its positive momentum, reinforcing the prognosis for a decline in upcoming sessions.

    Given these dynamics, the bearish trajectory is anticipated in both intraday and short-term scenarios, unless there's a breach beyond 1.0785 that remains sustained. Today's trading spectrum is projected to span from a support at 1.0660 to a resistance ceiling of 1.0810.

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

    EUR/USD - Trade Idea 

    Entry Price – Buy Above 1.07226

    Take Profit – 1.07975

    Stop Loss – 1.06783

    Risk to Reward – 1: 1.6

    Profit & Loss Per Standard Lot = +$749/ -$443

    Profit & Loss Per Micro Lot = +$74/ -$44



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