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

Daily Price Outlook

As of November 15th, the EUR/USD pair has showcased a slight uptick, inching up by 0.04% to 1.08825. This movement has been contained within a defined spectrum of activity as the pair navigates through pivotal price levels. With the current pivot point at $1.0866, EUR/USD faces immediate resistance at $1.0939. A break beyond could see the pair test the psychologically significant $1.1000 level, followed by potential resistance at $1.1063. Should the momentum wane, immediate support is anticipated at $1.0802, with further safety nets at $1.0729 and $1.0662.

Technical indicators provide a deeper insight into the market sentiment. The Relative Strength Index (RSI) is notably high at 81, signaling that the pair might be entering overbought territory, which could precede a price correction. Meanwhile, the MACD's current value suggests that the market is leaning toward bullishness, with potential for continued upward momentum. The currency's trade above the 50-day EMA at $1.0709 corroborates the short-term bullish trend, adding to the positive technical outlook.

The observed chart patterns, including an upward trendline breakout at $1.0800 and a bullish engulfing candle, further bolster the case for a strong uptrend. These patterns suggest that buyers are gaining traction, potentially leading to further gains.

In conclusion, the overall trend for EUR/USD is bullish above $1.0849, and the pair is expected to challenge higher resistance levels in the near term.

EUR/USD - Trade Idea 

Entry Price – Buy Above 1.08480

Take Profit – 1.09370

Stop Loss – 1.07682

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$890/ -$798

Profit & Loss Per Mini Lot = +$89/ -$79