Daily Price Outlook

- EUR/USD experiences a minor decrease to 1.0898, with resistance levels at 1.1080, 1.1244, and 1.1418, and support at 1.0833, 1.0742, and 1.0580.

- Neutral to slightly bearish sentiment is indicated by an RSI of 49, with mixed signals from MACD, but supported by the 50 EMA at 1.0904.

- The currency pair shows potential for a bullish trend above the 1.0888 support level, with a focus on testing the 1.1080 resistance in the near term.

As of November 24, the EUR/USD pair presents a somewhat restrained movement, recording a marginal decline of 0.08% to 1.0898. This slight downward shift places the currency pair just below the pivotal level of 1.0995. Looking ahead, the pair faces immediate resistance at 1.1080, with subsequent barriers at 1.1244 and 1.1418. On the downside, support is evident at 1.0833, followed by lower levels at 1.0742 and 1.0580.

The Relative Strength Index (RSI) for EUR/USD stands at 49, indicating a neutral to slightly bearish market sentiment. However, the Moving Average Convergence Divergence (MACD) presents a more complex picture with a value of -0.47 and a signal line at 0.57, suggesting potential for downward momentum. Yet, the EUR/USD pair is hovering around its 50-Day Exponential Moving Average (EMA) of 1.0904, which marginally supports a bullish trend.

Chart analysis shows the EUR/USD pair holding above the 1.0888 support level, with the 50 EMA providing a backbone for a potential buying trend. This technical setup points to a cautiously optimistic outlook for the pair.

In conclusion, the overall trend for EUR/USD appears to be cautiously bullish, particularly if the pair maintains above the $1.0888 mark. In the short term, the currency pair is expected to test the immediate resistance at 1.1080. However, traders should remain vigilant to the mixed signals from the MACD and RSI indicators, which might influence the pair's ability to breach these resistance levels effectively.

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

EUR/USD - Trade Idea 

Entry Price – Buy Above 1.08905

Take Profit – 1.10071

Stop Loss – 1.08167

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1166/ -$738

Profit & Loss Per Mini Lot = +$116/ -$73



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