Daily Price Outlook

- EUR/USD tested pivot at 1.0630; potential upward move toward resistance levels 1.0685, 1.0726.

- Support found at 1.0600, with further levels at 1.0571 and 1.0528 if declines continue.

- Current strategy suggests buying above 1.06329, targeting 1.07040, with a stop loss at 1.05969.

The EUR/USD pair exhibited modest strength on April 15, marking an uptick of 0.17%, closing at 1.06555. The currency pair is currently testing an important technical threshold, positioned at a pivot point of 1.0630. Surpassing this pivot may prompt a push towards the immediate resistance level at 1.0685, followed by additional ceilings at 1.0726 and 1.0787. These levels will serve as critical markers for potential upward price action in the near term.

Conversely, should the EUR/USD retreat from its current position, it will find initial support at 1.0600. Further declines could see the pair testing subsequent support levels at 1.0571 and 1.0528, which may stabilize declines or mark new lows. Notably, the Relative Strength Index (RSI) at 27 suggests that the pair is currently oversold, which could indicate a forthcoming bullish correction if it sustains above the pivot point.

The 50-day Exponential Moving Average (EMA) stands at 1.08, hinting at a bearish trend overall but offering a distant target for potential bullish momentum. Traders might consider a buying strategy above the pivot point of 1.06329, with an advised take profit at 1.07040 and a stop loss set at 1.05969 to manage risk effectively.

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

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.06329

Take Profit – 1.07040

Stop Loss – 1.05969

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$711/ -$360

Profit & Loss Per Mini Lot = +$71/ -$36



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