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

Daily Price Outlook

- EUR/USD shows slight gains; watch for stability above the pivot point of $1.06280.

- Resistance and support levels delineated, providing clear markers for trading decisions.

- Proposed trading strategy: go long above $1.06290 with a clear target and stop loss to capture potential upward moves.

The EUR/USD pair is showing modest gains in today’s session, trading up by 0.08% at 1.06518. This minor uptick comes as the pair navigates just above the critical pivot point of $1.06280 on the four-hour chart. The currency pair is currently poised between key technical levels that could dictate the near-term trajectory of its movement.

Immediate resistance for the EUR/USD is noted at $1.06851, with further barriers at $1.07260 and $1.07755. These levels must be breached for a stronger confirmation of bullish momentum. Conversely, immediate support lies at $1.05875, with subsequent levels at $1.05491 and $1.05023, which could be tested if bearish pressures resume.

The Relative Strength Index (RSI) at 45 indicates a neutral market sentiment, neither too overbought nor oversold, suggesting potential for either movement direction depending on broader market cues. The 50-Day Exponential Moving Average (EMA) at $1.06984 slightly above the current price, adds to the resistance area that could cap upward movements.

Given the current setup, a strategic approach would involve initiating a long position if EUR/USD ascends above $1.06290, targeting a take profit at $1.06937. This trade should maintain a stop loss at $1.05897 to manage risk efficiently.

EUR/USD - Technical Analysis

Entry Price – Buy Above 1.06290

Take Profit – 1.06937

Stop Loss – 1.05897

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$647/ -$363

Profit & Loss Per Mini Lot = +$64/ -$39