EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

The EUR/USD pair continues its bearish trajectory, approaching our primary forecasted level at 1.0700. As the market opened, the currency exhibited a lateral movement, signaling an anticipation of further bearish momentum to guide the price towards its subsequent target at 1.0635.

The descending channel remains a dominant factor in steering the anticipated bearish movement, further bolstered by the consistent influence of the EMA50. It's crucial to underscore that sustaining this bearish course hinges on the price maintaining below the thresholds of 1.0785 and 1.0815.

Today's trading parameters are projected to span from a support level at 1.0635 to a resistance level at 1.0785.

EUR/USD - Trade Idea

Entry Price – Sell Below 1.07362

Take Profit – 1.06704

Stop Loss – 1.07762

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$658/ -$400

Profit & Loss Per Micro Lot = +$65/ -$40