Daily Price Outlook

    The EUR/USD pair is currently exhibiting a sideways movement, gravitating around the 1.0660 mark. It's noteworthy that the stochastic indicator shows waning positive momentum, transitioning into a negative overlap. This could potentially serve as a catalyst for the price to reinforce its bearish trajectory, targeting a break below 1.0635, which would further signal a descent towards the 1.0515 zone.

    Consequently, our prevailing forecast leans towards a bearish outlook, underpinned by the downward pressure exerted by the EMA50. It's essential to underscore that a breach above 1.0685 might pivot the price towards an upward journey, aiming to touch 1.0725 and potentially stretching up to 1.0785 before considering any subsequent decline. The day's anticipated trading corridor is delineated between the support at 1.0570 and resistance at 1.0725, with the predominant sentiment for the day being bearish.

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

    EUR/USD - Trade Idea 

    Entry Price – Sell Limit 1.06866

    Take Profit – 1.06332

    Stop Loss – 1.07158

    Risk to Reward – 1: 1.8

    Profit & Loss Per Standard Lot = +$534/ -$292

    Profit & Loss Per Micro Lot = +$53/ -$29



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