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

Daily Price Outlook

- The EUR/USD pair shows potential for a downward trend, with key support at 1.0733.

- Upcoming U.S. economic data and Fed speeches are critical to the pair's direction.

- A strategic trading approach is recommended, with clear entry, take-profit, and stop-loss levels.

The EUR/USD pair experienced a slight decline on April 1st, with the price settling at 1.07905, marking a 0.06% decrease. The trading dynamics positioned the pair around a critical pivot point of 1.0804, with immediate resistance levels at 1.0840, 1.0866, and 1.0894, hinting at potential upward challenges. Support levels are distinctly placed at 1.0765, 1.0733, and 1.0695, which could provide a cushion for the pair in case of downward movement.

The technical analysis reveals a Relative Strength Index (RSI) of 42, indicating a neutral to slightly bearish market sentiment. An upward trendline breakout at the 1.0804 level could potentially initiate a selling trend, as the market responds to upcoming economic indicators and Federal Reserve communications. The 50-day Exponential Moving Average (EMA) at 1.0831 reinforces the significance of the 1.0804 pivot point, suggesting a cautious trading environment.

Given the current market conditions, a prudent trading approach would be to consider selling below 1.07904, aiming for a take-profit level at 1.07368, while setting a stop-loss at 1.08254.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.07904

Take Profit – 1.07368

Stop Loss – 1.08254

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$536/ -$350

Profit & Loss Per Mini Lot = +$53/ -$35