Daily Price Outlook

    The EUR/USD, the world's most traded currency pair, has positioned itself at 1.06034 as of October 25. By analyzing its 4-hour chart, several pertinent insights emerge. The currency pair's pivotal point stands at 1.0574, a significant figure that seasoned traders are likely to keep their eyes on.

    The European currency faces a series of resistance levels. The immediate barrier stands at 1.0637, with subsequent challenges potentially coming in at 1.0682 and 1.0745. Should the currency pair experience selling pressures, it could find support at 1.0530, followed by 1.0466 and the more formidable 1.0422.

    The Relative Strength Index (RSI) for EUR/USD reads 49, indicating a neutral stance. It's teetering on the edge of a bullish sentiment but hasn't quite crossed over. In another technical observation, the pair is trading above its 50-Day Exponential Moving Average (EMA) at 1.0589, suggesting a short-term bullish inclination. The chart pattern reveals an upward trendline offering robust support at 1.05891, buttressing the currency pair's current position.

    Conclusion: The prevailing sentiment for EUR/USD can be termed as cautiously bullish, particularly if it sustains above the 1.0589 mark. As market participants evaluate the interplay of the outlined resistance and support levels, they'll likely focus on the immediate resistance of 1.0637 in their short-term projections.

    EUR/USD Price Chart – Source: Tradingview
    EUR/USD Price Chart – Source: Tradingview

    EUR/USD - Trade Idea

    Entry Price – Buy Limit 1.05867

    Take Profit – 1.06351

    Stop Loss – 1.05603

    Risk to Reward – 1: 1.8

    Profit & Loss Per Standard Lot = +$484/ -$264

    Profit & Loss Per Micro Lot = +$48/ -$26



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