Daily Price Outlook

- EUR/USD experienced marginal upward movement amid pivotal price levels.

- Technical indicators suggest a neutral stance but hint at a potential bearish bias.

- Proposed trading strategy entails selling below 1.07760, with defined profit and loss thresholds.

On April 3, the EUR/USD pair exhibited a modest uptick of 0.06%, reaching a closing price of 1.07727. Key price levels played a significant role in shaping intraday movements, with the pivot point positioned at 1.07756. Immediate resistance levels were identified at 1.08044 and 1.08265, with subsequent hurdles at 1.08559. Conversely, immediate support was observed at 1.07481, followed by 1.07254 and 1.06948, marking essential levels to monitor for potential reversals.

Technical indicators provided mixed signals, with the Relative Strength Index (RSI) registering at 55, indicating a neutral stance. Meanwhile, the 50-day Exponential Moving Average (EMA) rested at 1.07730, aligning closely with the current market price. Notably, a downward channel presented resistance around the $1.0772 level, potentially influencing market sentiment.

The formation of a Doji candlestick pattern below the downward trendline could signal a shift towards a selling trend. Hence, a strategic entry point for traders might be selling below 1.07760, targeting a take-profit at 1.07314, while setting a stop-loss at 1.07994 to manage potential downside risks effectively.

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

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.07760

Take Profit – 1.07314

Stop Loss – 1.07994

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$446/ -$234

Profit & Loss Per Mini Lot = +$44/ -$23



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