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

Daily Price Outlook

- EUR/USD experiences a minor rise, maintaining position near 1.09578.

- Resistance and support levels provide crucial markers for future movement.

- Near-term bearish sentiment indicated by RSI and EMA readings.

The EUR/USD pair shows modest upward momentum on January 3, with a slight gain of 0.06%, trading at 1.09578. The currency pair's movement is marked by key technical levels. Resistance is anticipated at 1.1003, 1.1050, and 1.1129, while support could be found at 1.0891, 1.0824, and 1.0740.

The Relative Strength Index (RSI) is at 35, hinting at a bearish sentiment but not deeply into oversold territory. The currency pair currently trades close to its 50-Day Exponential Moving Average (EMA) of 1.100, suggesting the possibility of short-term bearish trends. A recent upward channel breakout around $1.1050 led to a brief sell-off, finding support at $1.0936.

EUR/USD - Trade Idea

Entry Price – Buy Limit 1.09351

Take Profit – 1.10049

Stop Loss – 1.08869

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$698/ -$482

Profit & Loss Per Mini Lot = +$69/ -$48