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

Daily Price Outlook

- EUR/USD trades at 1.08, down 0.05%, with a bearish bias below $1.08955.

- RSI at 36 suggests bearish momentum; trading below 50 EMA confirms the trend.

- Key focus on support at $1.0613 and resistance at $1.0804 in the short term.

The EUR/USD pair is currently witnessing a minor downtrend, trading at around 1.08, marking a decrease of 0.05%. This slight dip places the pair in a cautious zone as it navigates through key technical levels.

The pivot point for the pair stands at $1.0728, which serves as a critical juncture for determining its short-term direction. Resistance levels are observed at $1.0804, $1.0911, and $1.0991, while the immediate support lies at $1.0613. Further supports are established at $1.0514 and $1.0400, which could play a significant role in the coming sessions.

Technical indicators provide a deeper insight into the pair's current sentiment. The Relative Strength Index (RSI) is at 36, indicating a bearish sentiment as it is below the 50 mark. This suggests that the pair is not yet in oversold territory but is certainly leaning towards a bearish bias.

Additionally, the pair is trading below the 50-day Exponential Moving Average (EMA) of $1.0913, further affirming the short-term bearish trend. This positioning below the 50 EMA is a signal for potential downward movement in the near future.

Chart patterns indicate that the pair is currently operating in a bearish zone, particularly below the $1.08955 level. This pattern suggests a continuation of the bearish trend unless a significant reversal occurs above this threshold.

The overall trend for the EUR/USD pair is bearish, especially below the $1.08955 level. Traders and investors should brace for potential testing of lower support levels, particularly if the pair fails to reclaim higher resistance levels. The market will closely monitor any changes in the fundamental landscape, which could impact this technical outlook.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.0895

Take Profit – 1.0830

Stop Loss – 1.0945

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$652/ -$498

Profit & Loss Per Mini Lot = +$65/ -$49