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

Daily Price Outlook

The EUR/USD, often termed the "Fiber" in trading parlance, has been a critical barometer of the U.S. and Eurozone economic strengths. As of this analysis for October 18, the pair is trading at 1.05777, marking a modest ascent of 0.17% in the last 24 hours.

Our immediate pivot point is identified at 1.0596. In terms of resistance, traders should cast their eyes on 1.0632, followed by a more challenging ceiling at 1.0672, and possibly up to 1.0713. On the flip side, supports are solidly placed at 1.0535, dipping further to 1.0496, and then a more substantial floor near 1.0454.

In the technicals, the RSI stands at 56, leaning more towards a bullish sentiment as it's above the 50 threshold, yet not in the overbought territory. The MACD provides further bullish confirmation, with its line being above the signal, hinting at potential upward momentum. Additionally, the current price comfortably sits above the 50 EMA, located at 1.0559, further endorsing the bullish narrative in the short term.

In terms of chart patterns, while none is explicitly stated, traders should remain vigilant for any emerging patterns or structures that may offer additional insights into future price direction.

For now, the trend for EUR/USD appears bullish, especially as prices maintain above the 1.0559 mark

EUR/USD - Trade Idea

Entry Price – Buy Limit 1.05599

Take Profit – 1.06309

Stop Loss – 1.05020

Risk to Reward – 1: 1.25

Profit & Loss Per Standard Lot = +$710/ -$579

Profit & Loss Per Micro Lot = +$71/ -$57