EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD remains below the $1.1084 pivot point, signaling potential further downside.
- Immediate resistance at $1.1121 caps any near-term bullish momentum.
- Selling below $1.10836 is recommended, with a take-profit target of $1.10323.
The EUR/USD pair is currently trading at $1.10660, edging down by 0.06% as the market faces continued pressure. A weak Euro is struggling to find its footing, with the pair trading just below the pivot point at $1.1084.
With the 50-day Exponential Moving Average (EMA) sitting slightly lower at $1.1082, the pair remains technically bearish, unable to gather the strength needed for an upward breakout.
The RSI indicator stands at 41, reflecting neutral but leaning towards oversold conditions, further reinforcing a bearish sentiment in the short term.
Immediate resistance looms at $1.1121, followed by higher ceilings at $1.1154 and $1.1193.
Without a decisive break above these levels, the Euro may continue to encounter selling pressure, particularly if broader economic concerns such as inflation in the Eurozone continue to cast a shadow over investor sentiment.
On the downside, immediate support can be found at $1.1034, with key levels further below at $1.1000 and $1.0969. If the pair breaches the $1.1034 mark, it could quickly descend toward the psychologically significant $1.1000 level, which serves as a key defensive barrier.
A breakdown below this threshold would likely trigger further declines, exposing the $1.0969 support.
The recommended strategy is to sell positions below $1.10836, with a target profit set at $1.10323. To protect against upside risk, a stop-loss should be placed at $1.11141, just above immediate resistance.
EUR/USD - Trade Ideas
Entry Price – Sell Below 1.10836
Take Profit – 1.10323
Stop Loss – 1.11141
Risk to Reward – 1: 1.6
Profit & Loss Per Standard Lot = +$513/ -$305
Profit & Loss Per Mini Lot = +$51/ -$30
EURUSD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Immediate Resistance: $1.11537; Immediate Support: $1.10717
- 50-Day EMA: $1.10920 acts as crucial support, maintaining a bullish trend.
- RSI at 65: Reflects bullish momentum, but caution is warranted as overbought conditions approach.
EUR/USD is trading at $1.11182, up 0.07%, showing signs of strength as the pair edges higher within a tight range. The 4-hour chart indicates bullish momentum, as the euro holds above its key support levels.
The pair is currently eyeing the pivot point at $1.11537, which will be crucial in determining the next leg of the move. A break above this level could see EUR/USD test immediate resistance at $1.11932, with further gains pushing towards $1.12302.
However, a failure to breach the pivot could open the door for a retracement, with immediate support found at $1.10717 and deeper support at $1.10337 and $1.09995.
The 50-day Exponential Moving Average (EMA) at $1.10920 is acting as a key dynamic support, reinforcing the bullish bias as long as the price remains above this level.
The Relative Strength Index (RSI) is sitting at 65, indicating moderately bullish momentum but nearing overbought territory. A break above 70 could signal further gains, but traders should remain cautious of a potential correction if the RSI starts to roll over.
Given the current technical setup, traders may consider entering long positions above $1.11011, with a take-profit target at $1.11549 and a stop-loss at $1.10716. The technical outlook remains positive as long as the pair holds above the 50-day EMA and the pivot point is respected.
EUR/USD - Trade Ideas
Entry Price – Buy Above 1.11011
Take Profit – 1.11549
Stop Loss – 1.10716
Risk to Reward – 1: 1.8
Profit & Loss Per Standard Lot = +$538/ -$295
Profit & Loss Per Mini Lot = +$53/ -$29
EUR/USD Price Analysis – Sep 06, 2024
Daily Price Outlook
During the European trading session on Friday, the EUR/USD extended its winning streak for the third consecutive session, reaching a fresh weekly high of 1.1121. This rise was primarily driven by a weakening US Dollar (USD).
The US Dollar Index (DXY), which measures the Greenback’s strength against six major currencies, fell below the key support level of 101.00.
The decline in the USD's appeal followed disappointing US labor market data, including July's JOLTS Job Openings and August's ADP Employment report, which heightened concerns about deteriorating labor market conditions.
USD Weakness and Fed Rate Cut Speculation Boost EUR/USD Ahead of NFP Data
On the US front, the broad-based US dollar bearish bias is pushing the EUR/USD higher. The US Dollar Index (DXY), which measures the USD against six major currencies, has fallen below the key support level of 101.00.
This decline follows weak US labor market data, including July's JOLTS Job Openings and August's ADP Employment report, showing the lowest job vacancies and payroll additions in over three years.
Despite August's ISM Services PMI data being better than expected, it hasn’t been enough to support the USD. This has led to increased market speculation that the Federal Reserve might cut interest rates more aggressively.
Investors are now focusing on the upcoming US Nonfarm Payrolls (NFP) data for August, set to be released at 12:30 GMT. The report is expected to show an increase in job hires to 160K from July's 114K and a decrease in the unemployment rate to 4.2% from 4.3%.
Additionally, wage growth is anticipated to accelerate, with Average Hourly Earnings expected to rise by 3.7% year-on-year and by 0.3% month-on-month. These figures will be crucial for understanding future interest rate decisions.
Therefore, the USD's weakness and speculation of aggressive Fed rate cuts are driving the EUR/USD higher. If the upcoming NFP data confirms weak labor market conditions and slower wage growth, the EUR/USD could continue to rise as market expectations shift.
Eurozone Data and ECB Rate Cuts Strain Euro, But USD Weakness Drives EUR/USD Higher
On the EUR front, European economic data has not provided much support for the Euro. July's EU Retail Sales data came in worse than expected, showing a decline of 0.1% year-on-year, instead of the anticipated increase to 0.1%. This follows a revised contraction of 0.4% in the previous period, indicating ongoing economic challenges in the Eurozone.
Additionally, the European Central Bank (ECB) is expected to cut interest rates twice more this year. This outlook could further weigh on the Euro, as lower interest rates might reduce the currency's appeal to investors. Despite these challenges, the Euro is still benefiting from the weakness in the US Dollar, driving the EUR/USD pair higher.
EUR/USD - Technical Analysis
EUR/USD is trading at $1.11182, up 0.07%, showing signs of strength as the pair edges higher within a tight range. The 4-hour chart indicates bullish momentum, as the euro holds above its key support levels.
The pair is currently eyeing the pivot point at $1.11537, which will be crucial in determining the next leg of the move. A break above this level could see EUR/USD test immediate resistance at $1.11932, with further gains pushing towards $1.12302.
However, a failure to breach the pivot could open the door for a retracement, with immediate support found at $1.10717 and deeper support at $1.10337 and $1.09995.
The 50-day Exponential Moving Average (EMA) at $1.10920 is acting as a key dynamic support, reinforcing the bullish bias as long as the price remains above this level.
The Relative Strength Index (RSI) is sitting at 65, indicating moderately bullish momentum but nearing overbought territory. A break above 70 could signal further gains, but traders should remain cautious of a potential correction if the RSI starts to roll over.
Given the current technical setup, traders may consider entering long positions above $1.11011, with a take-profit target at $1.11549 and a stop-loss at $1.10716. The technical outlook remains positive as long as the pair holds above the 50-day EMA and the pivot point is respected.
Related News
- GOLD Price Analysis – Sep 06, 2024
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD consolidates above the key support level of $1.10690.
- RSI at 55.77 suggests room for upside momentum.
- Break above $1.11228 could signal further bullish action, targeting $1.11892.
EUR/USD is showing signs of consolidation after breaking out of a descending channel. The pair is currently hovering near the 1.10690 support level, which coincides with the pivot point for today. If the price manages to stay above this level, it could trigger further upward momentum towards the immediate resistance at 1.11005. Above this, the next resistance stands at 1.11228, followed by a potential move to 1.11892 if bullish momentum continues.
The RSI at 55.77 indicates that the market still has room to the upside, with momentum building slowly. However, traders should remain cautious if the price slips below the support level of 1.10690, as this could expose the pair to a move down towards 1.10395, and possibly further to 1.09995. A break above the 50-day EMA at 1.10991 will serve as an additional bullish confirmation.
Overall, the EUR/USD pair is showing potential for gains as long as it remains above the key support of 1.10690. A bullish breakout above the 50-EMA could drive further upward movement, while a failure to hold support might bring in selling pressure.
EUR/USD - Trade Ideas
Entry Price – Buy Above 1.10690
Take Profit – 1.11228
Stop Loss – 1.10395
Risk to Reward – 1: 1.8
Profit & Loss Per Standard Lot = +$538/ -$295
Profit & Loss Per Mini Lot = +$53/ -$29
EUR/USD Price Analysis – Sep 05, 2024
Daily Price Outlook
During the European trading session, the EUR/USD currency pair continued its upward momentum, trading around 1.1096 and reaching an intra-day high of 1.1109. This movement comes as investors closely monitor US economic data, which has influenced the pair's performance.
Despite a surprising 0.1% decline in annual Eurozone Retail Sales for July—contrary to expectations for growth—the Euro (EUR) remains robust against major currencies. Notably, monthly Retail Sales did rise by 0.1%, meeting forecasts.
Moreover, EUR/USD gains were bolstered by weaker-than-expected US JOLTS Job Openings data for July. This disappointing data has increased market expectations for a more aggressive policy-easing cycle by the Federal Reserve (Fed). As a result, the US dollar has weakened, further supporting the recent strength of the EUR/USD pair.
Euro Remains Strong Despite Weaker Eurozone Data and Growth Concerns
Despite a 0.1% decline in annual Eurozone Retail Sales for July, the Euro (EUR) remains strong. Retail Sales data, which reflects consumer spending, was expected to grow but instead fell slightly. However, the monthly Retail Sales increased by 0.1%, as predicted.
This mixed data has led to speculation that the European Central Bank (ECB) may lower interest rates soon. The ECB began easing in June but paused in July, and there’s anticipation of further cuts due to concerns about slow economic growth and easing inflation.
Additionally, worries about Eurozone economic performance have increased. The final HCOB PMI report showed slower growth in economic activity, with a reading of 51.0, down from 51.2. This slowdown is due to weaker growth in services and ongoing contraction in manufacturing. ECB member François Villeroy de Galhau suggested that these economic issues might prompt the ECB to cut interest rates in September.
Therefore, the news of weaker Eurozone Retail Sales and slower growth intensifies speculation that the ECB will cut interest rates. This speculation, combined with easing inflationary pressures, supports the Euro (EUR), contributing to the EUR/USD pair’s strength.
EUR/USD Recovery Driven by Weaker US Job Data and Upcoming Economic Reports
On the US front, the EUR/USD pair has extended its recovery. This rebound followed weaker-than-expected US JOLTS Job Openings data for July, which has fueled speculation that the Federal Reserve (Fed) might start a significant policy-easing cycle soon.
The disappointing JOLTS data, showing job vacancies at 7.67 million compared to the revised 7.91 million in June and below the 8.1 million estimate, raised concerns about the labor market and led to a drop in the US Dollar (USD). The US Dollar Index (DXY) has declined further to around 101.20 as a result.
Looking ahead, the USD’s movement will be influenced by the upcoming ADP Employment Change and ISM Services Purchasing Managers Index (PMI) data for August. The ADP data, due at 12:15 GMT, is expected to show a rise in private sector payrolls to 145K from 122K in July. The ISM Services PMI, set for release at 14:00 GMT, is projected to decline slightly to 51.1 from 51.4.
Stronger data in these reports could reduce expectations for aggressive Fed rate cuts, while weaker results could reinforce them, impacting the USD’s strength and, consequently, the EUR/USD pair.
EUR/USD - Technical Analysis
EUR/USD is showing signs of consolidation after breaking out of a descending channel. The pair is currently hovering near the 1.10690 support level, which coincides with the pivot point for today.
If the price manages to stay above this level, it could trigger further upward momentum towards the immediate resistance at 1.11005. Above this, the next resistance stands at 1.11228, followed by a potential move to 1.11892 if bullish momentum continues.
The RSI at 55.77 indicates that the market still has room to the upside, with momentum building slowly. However, traders should remain cautious if the price slips below the support level of 1.10690, as this could expose the pair to a move down towards 1.10395, and possibly further to 1.09995. A break above the 50-day EMA at 1.10991 will serve as an additional bullish confirmation.
Overall, the EUR/USD pair is showing potential for gains as long as it remains above the key support of 1.10690. A bullish breakout above the 50-EMA could drive further upward movement, while a failure to hold support might bring in selling pressure.
Related News
- GOLD Price Analysis – Sep 05, 2024
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD nears a key pivot at $1.11005, with bears currently in control.
- RSI at 39 suggests potential for further downside before oversold conditions hit.
- A break below $1.10695 could drive the pair toward $1.10208, key support levels to watch.
The EUR/USD pair is currently trading at $1.10568, gaining 0.13% during today's session. The price is edging closer to the pivot point at $1.11005, a crucial level that could set the tone for the day's trading.
Immediate resistance lies at $1.11395, with the next key levels being $1.11892 and $1.10337. On the downside, immediate support can be found at $1.09995, with further supports at $1.09685.
The 50-day Exponential Moving Average (EMA) sits at $1.11083, slightly above the current price. This EMA acts as a strong barrier for bulls trying to push the price higher.
A break above this could see the pair testing the next resistance at $1.11395, while a rejection could drive EUR/USD back toward its key support areas.
Technical indicators suggest a bearish bias for now. The Relative Strength Index (RSI) stands at 39, signaling that the market has room for further declines before reaching oversold conditions.
In the short term, selling pressure could dominate if the pair breaks below the immediate support at $1.10695. A fall below this level would likely accelerate the downward move toward $1.10208.
However, if EUR/USD manages to breach the $1.11005 pivot point and hold above it, we could see a shift in sentiment, potentially driving the pair toward $1.11395. Watch closely for a break or bounce around these key levels.
EUR/USD - Trade Ideas
Entry Price – Sell Below 1.10692
Take Profit – 1.10208
Stop Loss – 1.10973
Risk to Reward – 1: 1.7
Profit & Loss Per Standard Lot = +$484/ -$281
Profit & Loss Per Mini Lot = +$48/ -$28
EUR/USD Price Analysis – Sep 04, 2024
Daily Price Outlook
During the European trading session, the EUR/USD is consolidating within a narrow range close to a fresh two-week low of 1.1025. The major currency pair has turned sideways as the US Dollar (USD) adjusts following the release of the US ISM Manufacturing PMI data for August.
Meanwhile, the Euro’s near-term outlook remains negative as market participants anticipate that the European Central Bank’s (ECB) policy-easing cycle could be aggressive, given the steep decline in Eurozone inflationary pressures and weak economic growth.
USD Weakness and Upcoming Labor Data Could Boost EUR/USD
On the US front, the broad-based US Dollar (USD) is adjusting after the release of the ISM Manufacturing PMI data for August, which showed a reading of 47.2. This figure missed expectations of 47.5 but was an improvement from the eight-month low of 46.8. Despite this small uptick, a PMI below 50.0 still signals a contraction in manufacturing activity.
Consequently, the US Dollar Index (DXY) has dropped to around 101.60 after failing to regain a two-week high of 102.00. Investors are now looking ahead to Friday's US Nonfarm Payrolls (NFP) data for August, which will be crucial in determining the Federal Reserve’s next move on interest rates. There is a general expectation that the Fed might start reducing its key borrowing rates this month, but opinions vary on the size of the potential cut.
In addition to the NFP data, attention will also be on the US JOLTS Job Openings report for July and the ADP Employment Change data for August. The JOLTS report is anticipated to show about 8.1 million job vacancies, slightly down from the 8.184 million reported the previous month.
The Fed Chair Jerome Powell's recent comments at the Jackson Hole Symposium, highlighting concerns over weakening labor demand, have made these labor market reports even more significant for market participants.
Therefore, the weak ISM Manufacturing PMI and the upcoming US labor market data contribute to USD weakness, which could bolster the EUR/USD pair. If the Fed signals a rate cut, the EUR/USD might gain further, given the Eurozone's downbeat outlook.
ECB Rate Cut Expectations and Weak Eurozone Data Limit EUR Gains
On the EUR front, the shared currency shows a slight recovery as the US Dollar weakens. However, the Euro's near-term outlook remains negative. Market participants anticipate that the European Central Bank (ECB) might aggressively ease policy due to the sharp drop in Eurozone inflation and sluggish economic growth.
Bank of America (BofA) expects more ECB rate cuts through 2025 and 2026, forecasting a deposit rate of 2% by Q3 2025 and 1.5% in 2026. They note that Europe's recovery is fragile, affected by slow growth in China and political issues.
Furthermore, ECB officials express concerns about their policy stance being too restrictive. ECB Executive Board member Piero Cipollone warned about balancing inflation targets with economic growth. Investors are awaiting the Eurozone Retail Sales data for July, expected to show a slight 0.1% increase after a 0.3% contraction in June.
Despite a potential improvement, this may not alter market expectations of further ECB rate cuts. In the menatime, the Eurozone Producer Price Index (PPI) also showed slower deflation at 2.1%, better than the 2.5% estimate, but unlikely to change the ECB’s policy direction.
Therefore, the Euro's slight recovery against the US Dollar may be short-lived as expectations of aggressive ECB rate cuts and weak Eurozone economic data suggest continued EUR/USD pressure. The market anticipates further ECB easing, which could limit substantial gains for the EUR/USD pair.
EUR/USD - Technical Analysis
The EUR/USD pair is currently trading at $1.10568, gaining 0.13% during today's session. The price is edging closer to the pivot point at $1.11005, a crucial level that could set the tone for the day's trading.
Immediate resistance lies at $1.11395, with the next key levels being $1.11892 and $1.10337. On the downside, immediate support can be found at $1.09995, with further supports at $1.09685.
The 50-day Exponential Moving Average (EMA) sits at $1.11083, slightly above the current price. This EMA acts as a strong barrier for bulls trying to push the price higher.
A break above this could see the pair testing the next resistance at $1.11395, while a rejection could drive EUR/USD back toward its key support areas.
Technical indicators suggest a bearish bias for now. The Relative Strength Index (RSI) stands at 39, signaling that the market has room for further declines before reaching oversold conditions.
In the short term, selling pressure could dominate if the pair breaks below the immediate support at $1.10695. A fall below this level would likely accelerate the downward move toward $1.10208.
However, if EUR/USD manages to breach the $1.11005 pivot point and hold above it, we could see a shift in sentiment, potentially driving the pair toward $1.11395. Watch closely for a break or bounce around these key levels.
Related News
- GOLD Price Analysis – Sep 04, 2024
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Bearish Bias: EUR/USD is under pressure below the $1.1070 pivot, with the RSI at 42 indicating potential for further downside.
- Resistance Levels: Immediate resistance is seen at $1.1101, with additional targets at $1.1140 and $1.1189.
- Support Levels: Key support is found at $1.1034, followed by $1.1000 and $1.0969.
The EUR/USD pair is currently trading at $1.10620, experiencing a slight gain of 0.02% in early trading.
The currency pair is hovering near the pivotal level of $1.1070, which serves as a crucial point for determining the next directional move.
The 4-hour chart shows immediate resistance at $1.1101, followed by higher resistance levels at $1.1140 and $1.1189. A successful break above these levels could set the stage for further bullish momentum.
On the downside, immediate support lies at $1.1034, with additional support at $1.1000 and $1.0969.
The Relative Strength Index (RSI) is currently at 42, suggesting that the pair is leaning towards a bearish bias but is not yet in oversold territory.
This implies that there may be room for additional downside movement if the pair fails to hold above the key pivot point at $1.1070.
The 50-day Exponential Moving Average (EMA), currently positioned at $1.1109, is acting as a resistance level, reinforcing the bearish outlook.
Given the current technical setup, traders might consider selling positions below $1.10831, with a potential target near the $1.10338 level.
Conversely, a break above $1.1101 could invalidate this bearish outlook, potentially paving the way for a rally toward $1.1140 and beyond.
EUR/USD - Trade Ideas
Entry Price – Sell Below 1.10831
Take Profit – 1.10338
Stop Loss – 1.11194
Risk to Reward – 1: 1.3
Profit & Loss Per Standard Lot = +$493/ -$363
Profit & Loss Per Mini Lot = +$49/ -$36
EUR/USD Price Analysis – Sep 02, 2024
Daily Price Outlook
During the early European trading session, the EUR/USD currency pair reversed its downward trend, turning bullish at around the 1.1071 level and reaching an intra-day high of 1.1078.
This shift is primarily due to renewed selling pressure on the US dollar, driven by increased market optimism and expectations of a dovish stance from the US Federal Reserve (Fed).
Additionally, comments from European Central Bank (ECB) Governing Council member François Villeroy de Galhau, who hinted at the possibility of a rate cut in the upcoming September meeting, are influencing the EUR. This potential ECB rate cut could put additional downward pressure on the Euro (EUR).
US Dollar Faces Renewed Bearish Pressure Amid Dovish Fed Expectations
On the US front, the broad-based US dollar has struggled to maintain its early bullish momentum, facing renewed bearish pressure amid growing market optimism and expectations of a more dovish Federal Reserve (Fed).
The CME FedWatch Tool indicates a 70% chance of a 25 basis point rate cut by the Fed at its September meeting. However, recent economic data has led traders to reconsider the probability of a significant rate cut this month.
On the data front, July's Personal Consumption Expenditures (PCE) Index rose by 2.5% year-over-year, matching the previous month's figure but falling short of the 2.6% forecast.
The core PCE Index, which excludes food and energy, increased by 2.6% year-over-year in July, in line with the prior reading but slightly below the anticipated 2.7%.
These results suggest that while inflation remains stable, it may not be weak enough to justify a more substantial rate cut by the Fed.
Therefore, the renewed bearish pressure on the US dollar, coupled with stable yet insufficiently weak inflation data, supports a bullish outlook for the EUR/USD pair. Market optimism and dovish Fed expectations could drive further gains for the euro against the dollar.
Potential ECB Rate Cut Could Weaken Euro Against US Dollar
On the EUR front, European Central Bank (ECB) Governing Council member François Villeroy de Galhau recently hinted at a possible interest rate cut. According to Bloomberg, he believes there are "good reasons" for the ECB to lower its key interest rates in September.
Villeroy de Galhau emphasized that taking action at the upcoming meeting on September 12 would be both fair and prudent. He suggested that adjusting rates now could be beneficial for the Eurozone's economic stability.
This potential rate cut is being considered to support growth and address any economic challenges facing the region.
Therefore, the potential ECB interest rate cut could weaken the Euro against the US Dollar as lower rates might lead to reduced returns on Euro-denominated assets, making the EUR less attractive compared to the USD, leading to a decline in the EUR/USD pair.
EUR/USD - Technical Analysis
The EUR/USD pair is currently trading at $1.10620, experiencing a slight gain of 0.02% in early trading. The currency pair is hovering near the pivotal level of $1.1070, which serves as a crucial point for determining the next directional move.
The 4-hour chart shows immediate resistance at $1.1101, followed by higher resistance levels at $1.1140 and $1.1189. A successful break above these levels could set the stage for further bullish momentum.
On the downside, immediate support lies at $1.1034, with additional support at $1.1000 and $1.0969. The Relative Strength Index (RSI) is currently at 42, suggesting that the pair is leaning towards a bearish bias but is not yet in oversold territory.
This implies that there may be room for additional downside movement if the pair fails to hold above the key pivot point at $1.1070.
The 50-day Exponential Moving Average (EMA), currently positioned at $1.1109, is acting as a resistance level, reinforcing the bearish outlook.
Given the current technical setup, traders might consider selling positions below $1.10831, with a potential target near the $1.10338 level.
Conversely, a break above $1.1101 could invalidate this bearish outlook, potentially paving the way for a rally toward $1.1140 and beyond.
Related News
GBP/USD Price Analysis – Sep 02, 2024
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD hovers near $1.10695 support, with RSI at 40 indicating slight bearish pressure.
- A break above $1.11005 pivot could target $1.11395 and $1.11892 resistance levels.
- Downside risks increase below $1.10695, with next support at $1.10337 and $1.09995.
The EUR/USD pair is currently trading at $1.10757, down 0.01% as it hovers just above a key support level at $1.10695. The market sentiment appears cautious, with the Relative Strength Index (RSI) at 40, signaling a slight bearish bias in the short term.
This reflects some downward pressure as the pair remains below the 50-day Exponential Moving Average (EMA) of $1.11355, indicating that the bears might still have some control.
The immediate pivot point at $1.11005 serves as a critical juncture for traders. A decisive break above this level could signal a potential recovery, with immediate resistance at $1.11395 and further targets at $1.11892.
On the downside, if the price slips below $1.10695, the next support lies at $1.10337, with additional support levels at $1.09995 and $1.09685. These levels are crucial for maintaining the current range, and a breach could open the door to more significant declines.
Given the current technical setup, traders might consider entering a long position above $1.10697, with a take profit target near $1.11188. A stop loss placed around $1.10430 could help mitigate downside risk if the support fails to hold.
Overall, EUR/USD is trading within a tight range, with the possibility of a breakout depending on how the price interacts with the $1.11005 pivot point. As the market awaits further directional cues, the pair’s movement around these key levels will be pivotal in determining the next trend.
EUR/USD - Trade Ideas
Entry Price – Buy Above 1.10697
Take Profit – 1.11188
Stop Loss – 1.10430
Risk to Reward – 1: 1.8
Profit & Loss Per Standard Lot = +$491/ -$267
Profit & Loss Per Mini Lot = +$49/ -$26