Daily Price Outlook

- EUR/USD hovers near pivot; eyes set on 1.0903 resistance for potential breakout.

- Technical indicators suggest a balanced market, with a tilt towards bullish momentum.

- Key levels to watch: 1.0814 pivot and 1.0903 resistance for directional cues.

The Euro (EUR/USD) displayed minor retracement, recording a slight decline to 1.08353, a reduction of 0.02%. Positioned just above the pivot point of 1.0814, the currency pair shows a tight trading range, suggesting a cautious market sentiment.

Immediate resistance is identified at 1.0903, with further hurdles at 1.0966 and 1.1056, which are critical levels that the Euro must surpass to establish a stronger upward trend. Conversely, the support framework is set at 1.0748, with additional buffers at 1.0664 and 1.0595, marking potential areas for buying interest to emerge.

Technical indicators like the Relative Strength Index (RSI) standing at 62 and the 50-day Exponential Moving Average (EMA) at 1.0832 reinforce a potential bullish bias, indicating that the market could lean towards buying. The close alignment of the current price with the 50 EMA underscores the market's balanced state.

In summary, EUR/USD is teetering on the brink of a bullish breakout, needing to clear the immediate resistance to confirm upward momentum.

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

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.08029

Take Profit – 1.08604

Stop Loss – 1.07716

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$575/ -$313

Profit & Loss Per Mini Lot = +$57/ -$31



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