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

Daily Price Outlook

As of October 6, the EUR/USD pair trades at 1.07179, a key point evident in the 4-hour chart. The pivot point for this currency pair stands at 1.0646. In the event of a bullish drive, traders should be observant of the immediate resistance positioned at 1.0801, followed by subsequent resistances at 1.1037 and 1.1195. For those with a bearish outlook, immediate support lies at 1.0407, with further supports anchored at 1.0252 and the crucial 1.0013 level.

Diving into the technical indicators, the Relative Strength Index (RSI) for EUR/USD stands at 39. This value, being below the midpoint of 50, showcases a bearish sentiment. However, it's worth noting that values nearing 30 are indicative of potentially oversold market conditions, which might hint at a reversal or consolidation soon. As for the MACD, the value stands at 0.00013 compared to its signal line at 0.00764. This close proximity suggests a potential crossover, which traders typically use to gauge momentum shifts.

Further supporting the analysis, the price of the EUR/USD is juxtaposed against the 50-Day Exponential Moving Average (EMA), currently positioned at 1.0534. The current price stance relative to this EMA can provide insights into the short-term trend. Moreover, our chart analysis reveals a downward channel with resistance extending at $1.0550.

The 50 EMA, suggesting selling opportunities, aligns closely at 1.0542. These combined elements suggest a bearish undertone in the market.

In conclusion, the EUR/USD's prevailing trend looks bearish, especially if the pair continues to navigate below the 1.0540 mark.

Should it breach this pivotal level, the dynamics could shift in favor of the bulls. As for the short-term trajectory, depending on its behavior near the 1.0540 pivot, the EUR/USD could either challenge the immediate resistance at 1.0801 or find solace near the 1.0407 support in the upcoming trading sessions.

EUR/USD - Trade Idea 

Entry Price – Sell Limit 1.05513

Take Profit – 1.05012

Stop Loss – 1.05866

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$501/ -$353

Profit & Loss Per Micro Lot = +$50/ -$35