EUR/USD Intraday Long: Watching Key Support for a Bounce!

The EUR/USD Sideways Shuffle

Hey KoraFX fam! Zeynep here from Izmir, checking in on EUR/USD. This pair has been doing the sideways shuffle lately, which can be tricky, but also opens up some nice intraday opportunities if you're patient. Right now, we're sitting at 1.0834, after a slight dip of -0.15% over the last 24 hours. The daily range has been pretty tight, from 1.08101 to 1.0858.

Hunting for a Bounce Near Support

My eyes are on a potential long setup here. With the price near the lower end of that daily range, I’m looking for a bounce off some key support levels. We've got pretty strong support around 1.081, and then 1.08 right below it. This is a classic setup right here – price testing a significant area. My entry is set at 1.0823, which is just above that first support. My stop loss is conservative, as always, placed at 1.0766, giving us a good cushion below the 1.075 support.

Keeping an Eye on the Bigger Picture

While we're looking at an intraday move, it's always good to remember what's driving the market. We've seen some mixed signals globally, keeping the dollar fairly range-bound. For this trade, I'm targeting a move up towards the 1.09 resistance zone, specifically 1.0909. We've got resistance at 1.0858 and then 1.09. If we get a nice push, that 1.0909 level looks like a solid take profit. Remember, the market can always throw a curveball, so let's stick to the plan and see how it unfolds.