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

Daily Price Outlook

The EUR/USD pair, as of October 13, stands at 1.05442, reflecting a slight increase of +0.14% over the past 24 hours. This analysis is grounded in a 4-hour chart timeframe.

Pivotal to its price movement is the identified pivot point at 1.0545. From here, traders can anticipate several key resistance and support levels. The immediate resistance hovers at 1.0641, with further resistances at 1.0695 and 1.0793.

Conversely, if the pair retreats, immediate support could be found at 1.0489, followed by stronger supports at 1.0394 and 1.0337.

A glance at the technical indicators furnishes us with additional insights. The Relative Strength Index (RSI) is currently at 42, suggesting a neutral sentiment. The 50-Day Exponential Moving Average (EMA) stands at 1.0570. It's noteworthy that the price is below the 50 EMA, which implies a short-term bearish trend.

Chart patterns are also crucial in predicting future price movements. Currently, the EUR/USD has shown an upward channel breakout at 1.0540. This breakout, combined with the 50 EMA positioning, suggests a selling trend.

In conclusion, the overall trend for the EUR/USD is bearish, particularly if it remains below the 1.0570 mark. Conversely, if the asset surpasses this threshold, we might witness a bullish turn. For the short term, traders should be vigilant for potential fluctuations around these mentioned levels.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.05689

Take Profit – 1.05275

Stop Loss – 1.06103

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$414/ -$414

Profit & Loss Per Micro Lot = +$41/ -$41