Daily Price Outlook

The EUR/USD pair has approached a significant resistance level at 1.1055 and is now experiencing a gradual decline, moving closer to the main bullish channel's support line. Notably, the price remains below the neckline of a double top pattern, which is visible on the chart.

Additionally, the EMA50 is exerting downward pressure on the price, and the stochastic indicator is currently showing negative overlap.

Considering these factors, it is prudent to adopt a bearish bias for the upcoming sessions. The initial targets for the bearish scenario involve breaking below the bullish channel's support line, potentially leading to further declines towards 1.0935 and 1.0835 levels upon surpassing the previous level of support.

However, a breach of the key resistance level at 1.1055 would invalidate the bearish scenario and signal a potential resumption of the main bullish trend, with potential targets around the 1.1170 areas initially.

For today's trading, the projected range is expected to lie between the support level at 1.0920 and the resistance level at 1.1070.

 EUR/USD - Trade Idea

Entry Price – Sell Limit 1.10653

Take Profit – 1.09503

Stop Loss – 1.11643

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1150/ -$990

Profit & Loss Per Micro Lot = +$115/ -$99

Daily Price Outlook

During the early Asian session on Monday, the EUR/USD pair experienced some buying interest, leading to a slight positive movement near 1.1025. This recovery comes after two weeks of losses and was supported by softer US data, as well as recent remarks from ECB officials and Federal Reserve policymakers.

ECB President Christine Lagarde referred to the recent economic output figures from France, Germany, and Spain as "quite optimistic" in an interview with French newspaper Le Figaro over the weekend.

Joachim Nagel, president of the Bundesbank of Germany and an ECB Governing Council member, also supported hawkish ECB policies, citing persistent core inflation and advocating for higher interest rates to be maintained for a longer period.

Conversely, Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, expressed concerns about job losses and weaker growth, while acknowledging the inflation forecast. He also questioned the central bank's aggressive monetary tightening program to control price increases.

News reports suggesting further Chinese stimulus are putting pressure on the US Dollar, allowing the EUR/USD pair to recover from a three-week low on Friday, despite recent losses.

The US Federal Reserve's preferred inflation indicator, the Core Personal Consumption Expenditure (PCE) Price Index, showed weaker-than-expected readings for June, easing to 4.1% YoY, below the predicted 4.2% and the previous 4.6%.

Additionally, Personal Income decreased to 0.3%, falling short of the expected 0.5% and previous readings, while Personal Spending increased by 0.5%, surpassing market expectations of 0.4% and the earlier 0.1%. Moreover, the final readings of the Michigan Consumer Sentiment Index for July declined from the initial estimate of 72.6 to 71.6, and the University of Michigan's (UoM) 5-year Consumer Inflation expectations also decreased from 3.1% to 3.0%.

EUR/USD - Technical Analysis

The EUR/USD pair has approached a significant resistance level at 1.1055 and is now experiencing a gradual decline, moving closer to the main bullish channel's support line. Notably, the price remains below the neckline of a double top pattern, which is visible on the chart.

Additionally, the EMA50 is exerting downward pressure on the price, and the stochastic indicator is currently showing negative overlap.

Considering these factors, it is prudent to adopt a bearish bias for the upcoming sessions. The initial targets for the bearish scenario involve breaking below the bullish channel's support line, potentially leading to further declines towards 1.0935 and 1.0835 levels upon surpassing the previous level of support.

However, a breach of the key resistance level at 1.1055 would invalidate the bearish scenario and signal a potential resumption of the main bullish trend, with potential targets around the 1.1170 areas initially.

For today's trading, the projected range is expected to lie between the support level at 1.0920 and the resistance level at 1.1070.

Daily Price Outlook

The EUR/USD pair is exhibiting a more pronounced bullish bias as it initiates attempts to breach the 1.1105 level. This indicates a potential resumption of the bullish trend, signaling an end to the recent bearish correction that has characterized recent trades. The pair aims for further gains, targeting the next positive station at 1.1170.

Consequently, a bullish trend is anticipated for today, with expectations of gaining positive momentum to facilitate a breakthrough of the current areas and achieve further gains reaching 1.1210, followed by 1.1275 in the near-term. It is important to note that a break below 1.1055 would halt the positive scenario and prompt a potential decline in price.

Furthermore, it is crucial to consider the potential impact of the Federal Reserve's rate hike, as it is also likely to exert slight bearish pressure on the EUR/USD pair.

For today's trading, the projected range lies between the support level at 1.1040 and the resistance level at 1.1190.

EUR/USD - Trade ideas

Entry Price – Sell Limit 1.11432

Take Profit – 1.10680

Stop Loss – 1.11880

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$752/ -$448

Profit & Loss Per Micro Lot = +$75/ -$44

Daily Price Outlook

EUR/USD remained stagnant in recent sessions, trading within the 1.1105 support and 1.1170 resistance levels. The price must surpass either of these levels for clearer direction in its next targets.

As the price remains indecisive, a break below the support could lead to further declines targeting 1.1055 and 1.1000 levels. Conversely, breaching the resistance is crucial to resume the main bullish trend, aiming for 1.1275 and 1.1418 levels.

Expected trading range for today: 1.1050 (support) to 1.1210 (resistance).

EUR/USD - Trade Idea

Entry Price – Buy Limit 1.11082

Take Profit – 1.12072

Stop Loss – 1.10615

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$990/ -$460

Profit & Loss Per Micro Lot = +$99/ -$46

Daily Price Outlook

On Monday, the EUR/USD currency pair demonstrated a positive performance, rising by +0.19% within a 24-hour period and stabilizing at $1.1141. This marked the end of a 7-day losing streak, as the pair rebounded from losses incurred during the previous two sessions.

US Dollar Under lost its 5-Day winning Streak

During the early hours of Monday's trading session, signs of further recovery were evident, largely attributed to the declining prices of the US Dollar Index, which saw a decrease of -0.17% on a daily basis, settling at 100.90.

Additionally, the 10-year treasury yield declined by -0.31% to 3.82, further exerting pressure on the greenback throughout the day. The US Dollar Index (DXY) experienced a drop after a 5-day consecutive rise, having reached its highest levels since April 2022 during the previous week. The decline in the greenback's value on Monday can be partially attributed to anticipation ahead of Federal Reserve Chairman Powell's scheduled speech on Wednesday.

Market expectations suggest that the Federal Reserve will raise interest rates in the upcoming FOMC meeting, putting an end to rate cuts. This development has already been factored into the market, resulting in a correction in the price of the greenback.

ECB's Anticipated Cautious Rate Increase

Meanwhile, in the European context, the European Central Bank (ECB) is anticipated to enact a 25 basis-points rate increase, adopting a cautious approach in light of concerns raised by certain European policymakers about the potential risks associated with aggressive tightening. The German economy's severe slump has added to these considerations. President Lagarde is likely to adopt a "data-dependent approach," refraining from committing to another hike during the September meeting.

The possibility of a "dovish hike" could have a negative impact on the euro, leading traders to adjust their expectations for further monetary tightening. Moreover, the release of PMI data from both the USA and European nations today will play a significant role in influencing the prices of EUR/USD in the upcoming hours. Market participants will closely monitor this data for insights into the economic health of the regions and its potential impact on the currency pair's movement.

 EUR/USD - Technical analysis

EUR/USD remained stagnant in recent sessions, trading within the 1.1105 support and 1.1170 resistance levels. The price must surpass either of these levels for clearer direction in its next targets.

As the price remains indecisive, a break below the support could lead to further declines targeting 1.1055 and 1.1000 levels. Conversely, breaching the resistance is crucial to resume the main bullish trend, aiming for 1.1275 and 1.1418 levels.

Expected trading range for today: 1.1050 (support) to 1.1210 (resistance).

Daily Price Outlook

Currently, the intraday bias for EUR/USD remains neutral, but there is an expectation of a further rally. If the price breaks above 1.1011, it will resume the upward movement that started from 1.0634, with 1.1094 as the target resistance level.

EUR/USD Forecast: Corrective Decline in Progress

At the beginning of the day, the EUR/USD pair once again surpassed the 1.1200 level, but the increase was limited due to a deteriorating market sentiment. The pair reached a peak of 1.1228 before retracing to its current level around 1.1180.

The Asian trading session was marked by a bearish tone, driven by tensions between China and the US over the major Asian semiconductor sector and disappointing earnings announcements from companies like Tesla and Netflix.

US indexes lost momentum after a positive close, and Wall Street futures were trading negatively before the opening.

EUR/USD Price Analysis: Euro Approaches Support-Turned-Resistance at 1.1150 Ahead of ECB and Fed Verdicts

As market participants seek clear directions ahead of next week's monetary policy meetings of the European Central Bank and Federal Reserve (Fed), the EUR/USD pair reflects the impact of the first negative week in four and is currently holding modest gains between 1.1130 and 1.1140 in early Friday morning trading in Europe.

The Euro pair's performance is influenced by the need for significant data or events and conflicting concerns about the different central banks, which is creating uncertainty among traders.

In economic data, the US weekly jobless claims report showed a decrease to 228K, the lowest level since mid-May, surpassing market expectations of 242K. However, Existing Home Sales fell short of expectations, declining from 4.3 million to 4.16 million (annual rate) in a separate report.

On the other hand, Eurozone Consumer Confidence improved more than anticipated, rising from -16.0 to -15.1, according to the flash calculation for July.

EUR/USD - Technical analysis

EUR/USD experienced a bearish sentiment in yesterday's session, leading it to settle near the 38.2% Fibonacci correction level of the last bullish wave.

The pair also moved below the EMA50, creating negative pressure that could result in further bearish correction.

However, there are positive signals from the stochastic indicator that may support a return to the main bullish trend.

The conflicting signals from the technical indicators prompt us to adopt a cautious stance and wait for clearer signals to determine the next trend.

It's important to note that breaching the support level at 1.1105 could lead to additional downside targets at 1.1055 and 1.1000.

Conversely, breaking the resistance at 1.1170 would signal a potential continuation of the main bullish trend, targeting 1.1275 and 1.1418 as the next main objectives.

Expected trading range for today: 1.1050 (support) to 1.1230 (resistance).

Daily Price Outlook

EUR/USD experienced a bearish sentiment in yesterday's session, leading it to settle near the 38.2% Fibonacci correction level of the last bullish wave.

The pair also moved below the EMA50, creating negative pressure that could result in further bearish correction.

However, there are positive signals from the stochastic indicator that may support a return to the main bullish trend.

The conflicting signals from the technical indicators prompt us to adopt a cautious stance and wait for clearer signals to determine the next trend.

It's important to note that breaching the support level at 1.1105 could lead to additional downside targets at 1.1055 and 1.1000.

Conversely, breaking the resistance at 1.1170 would signal a potential continuation of the main bullish trend, targeting 1.1275 and 1.1418 as the next main objectives.

Expected trading range for today: 1.1050 (support) to 1.1230 (resistance).

EUR/USD - Trade Idea

Entry Price – Buy Limit 1.10998

Take Profit – 1.12003

Stop Loss – 1.10541

Risk to Reward – 1: 2.2

Profit & Loss Per Standard Lot = +$100/ -$45

Profit & Loss Per Micro Lot= +$10/ -$4

Daily Price Outlook

The EUR/USD pair experienced negative trading yesterday and made an attempt to break the 1.1200 level. However, it later rebounded and remained above this level after finding support near 1.1170.

This keeps our bullish view intact, with further upward movement expected towards our next target at 1.1418.

The EMA50 indicator continues to provide support for the suggested bullish trend. To strengthen the positive outlook, a breakout above 1.1245 is necessary.

It is important to note that a break below 1.1200, followed by 1.1170, could exert corrective bearish pressure on the price, with initial targets around the 1.1105 area.

For today's trading, the expected range is between the support level at 1.1170 and the resistance level at 1.1310.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.12477

Take Profit – 1.10933

Stop Loss – 1.13392

Risk to Reward – 1: 1.16

Profit & Loss Per Standard Lot = +$154/ -$91

Profit & Loss Per Micro Lot= +$15/ -$9

Daily Price Outlook

The EUR/USD pair experienced a slight decline, reaching a low of 1.1173, but ultimately finished the day just below the 1.1200 level. The Euro managed to hold above 1.1200 for most of the morning, partly supported by European statistics.

The Eurozone's Harmonized Index of Consumer Prices (HICP) for June showed a year-on-year increase of 5.5%, in line with expectations. However, annual inflation in the European Union decreased from 7.1% in May to 6.4% in June.

Despite less-than-promising macroeconomic data from the US, financial markets maintained a sense of optimism during the American session. Building permits in June declined by 3.7%, while housing starts dropped by 8%.

The EUR/USD pair continued its pullback from the 1.1280 resistance level, reflecting the uncertain divergence between the European Central Bank (ECB) and the Federal Reserve (Fed).

Prior to Wednesday's European trading session, the pair traded around 1.1220, retracing from its highest level since February 2022. This movement in the Euro-dollar pair provides insights into the US Dollar's corrective bounce and the ECB's concerns amid volatile trading conditions.

According to Bloomberg, ECB officials are facing challenges in predicting the central bank's future actions. The report emphasizes the difficulty of explaining the July rate hike, with policymakers expressing different perspectives.

Unnamed officials cited by Bloomberg News state that the task is to avoid signaling either another rate hike or a pause.

The final readings of June's Eurozone inflation statistics and US housing market indicators, along with other risk factors, are likely to capture the attention of Euro traders.

EUR/USD - Technical analysis

The EUR/USD pair experienced negative trading yesterday and made an attempt to break the 1.1200 level. However, it later rebounded and remained above this level after finding support near 1.1170.

This keeps our bullish view intact, with further upward movement expected towards our next target at 1.1418.

The EMA50 indicator continues to provide support for the suggested bullish trend. To strengthen the positive outlook, a breakout above 1.1245 is necessary.

It is important to note that a break below 1.1200, followed by 1.1170, could exert corrective bearish pressure on the price, with initial targets around the 1.1105 area.

For today's trading, the expected range is between the support level at 1.1170 and the resistance level at 1.1310.

Daily Price Outlook

The EUR/USD pair is currently consolidating within a sideways pattern, as depicted on the chart. It is noteworthy that the stochastic indicator is displaying positive momentum and entering the positive zone, potentially signaling a resumption of the bullish trend. Our primary target for the upward movement remains at 1.1418.

Consequently, our outlook for the immediate future continues to favor a bullish trend. Nevertheless, it is essential to remain mindful that a breach below the 1.1200 level may trigger a corrective bearish phase, with initial targets at 1.1170 and further extending to 1.1105, before any subsequent attempt to rally.

The anticipated trading range for today is projected to lie between the support level at 1.1170 and the resistance level at 1.1310.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.12477

Take Profit – 1.10933

Stop Loss – 1.13392

Risk to Reward – 1: 1.16

Profit & Loss Per Standard Lot = +$154/ -$91

Profit & Loss Per Micro Lot= +$15/ -$9