Daily Price Outlook

- A sell strategy below the pivot point of 1.08765, targeting 1.08285 for take profit, seems prudent with a stop loss set at 1.09095 to mitigate potential losses.

- The proximity of the price to the 50 EMA and the RSI's position underscores the potential for downward movement.

- The delineation of resistance and support levels offers traders clear markers for setting entry and exit points, aligning with a cautious but opportunistic approach to the EUR/USD pair.

In today’s technical outlook, the EUR/USD pair exhibited a marginal upward movement, registering a 0.05% increase to settle at 1.08705. The analysis of the 4-hour chart delineates a nuanced landscape for potential trading strategies, underscored by pivotal price levels that signal the pair's short-term trajectory.

The pivot point, situated at 1.08755, delineates the threshold between bullish and bearish territories. Resistance levels at 1.08996, 1.09297, and 1.09658 consecutively mark potential barriers where the pair's ascent might be contested. Conversely, support points at 1.08421, 1.07996, and 1.07622 represent zones where buyers could potentially reassert control, should the pair retreat.

Technical indicators further color the trading outlook; the Relative Strength Index (RSI) stands at 41, hinting at a bearish sentiment underpinning the current price action. Meanwhile, the 50-day Exponential Moving Average (EMA) at 1.08878 slightly overshadows the current price, suggesting a delicate balance between buyers and sellers, yet leaning towards a bearish bias.

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

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.08765

Take Profit – 1.08285

Stop Loss – 1.09095

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$480/ -$330

Profit & Loss Per Mini Lot = +$48/ -$33



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