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

Daily Price Outlook

- EUR/USD is trading at $1.08460, down 0.11% in the latest session.

- Immediate resistance levels are at $1.0877, $1.0895, and $1.0914, with support at $1.0833, $1.0808, and $1.0783.

- RSI at 46 and 50 EMA at $1.0851 suggest a bearish sentiment.

The EUR/USD pair is trading at $1.08460, reflecting a decline of 0.11% in the latest session. The pivot point, marked at $1.0857, serves as a critical level for determining market direction.

Immediate resistance levels are identified at $1.0877, $1.0895, and $1.0914. On the downside, immediate support is found at $1.0833, followed by $1.0808 and $1.0783.

The Relative Strength Index (RSI) is at 46, indicating a slightly bearish sentiment as it hovers below the neutral 50 mark. The 50-day Exponential Moving Average (EMA) is positioned at $1.0851, suggesting that the current price is below this short-term average, reinforcing the bearish outlook.

The recent decline in the EUR/USD pair can be attributed to stronger US economic data and hawkish comments from Federal Reserve officials, which have dampened expectations for an imminent rate cut.

This has provided support for the US Dollar, exerting downward pressure on the Euro. Additionally, market participants are awaiting key economic data releases from both the Eurozone and the United States, which could further influence the pair's direction.

From a technical perspective, a sustained move below the pivot point of $1.0857 could lead to further declines towards the immediate support levels at $1.0833 and $1.0808.

Conversely, if the EUR/USD pair manages to break above the immediate resistance level of $1.0877, it could target higher resistance levels at $1.0895 and $1.0914.

In conclusion, the outlook for EUR/USD remains bearish below the pivot point of $1.0857. The recommended entry price for a potential sell position is $1.08572, with a take profit target set at $1.08328 and a stop loss at $1.08764.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.08572

Take Profit – 1.08328

Stop Loss – 1.08764

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$244/ -$192

Profit & Loss Per Mini Lot = +$24/ -$19