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

Daily Price Outlook

- EUR/USD is trading at $1.07498, below the pivot point of $1.0798.

- RSI at 23 indicates potential oversold conditions, suggesting a possible rebound.

- 50-day EMA at $1.08528 presents significant resistance, influencing potential upward movements.

The EUR/USD pair is trading at $1.07498, down 0.48% for the day. The 4-hour chart reveals a critical pivot point at $1.0798, which is essential for determining the pair’s short-term direction.

Immediate resistance levels are at $1.0806, $1.0836, and $1.0872. On the downside, immediate support is seen at $1.0728, followed by $1.0701 and $1.0674.

Technical indicators provide a mixed view. The Relative Strength Index (RSI) is at 23, indicating that the pair is in oversold territory, which might suggest a potential rebound if broader market conditions align.

The 50-day Exponential Moving Average (EMA) is positioned at $1.08528, which is above the current price, suggesting that the immediate resistance could be reinforced by the EMA, making it a critical level to watch for any potential breakout or reversal.

For traders, the recommended strategy would be to set a buy limit at $1.07383, with a take profit target at $1.07977 and a stop loss at $1.07043.

EUR/USD - Trade Ideas

Entry Price – Buy Limit 1.07383

Take Profit – 1.07977

Stop Loss – 1.07043

Risk to Reward – 1: 7

Profit & Loss Per Standard Lot = +$594/ -$340

Profit & Loss Per Mini Lot = +$59/ -$34