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

Daily Price Outlook

- EUR/USD trades below pivot point at 1.0726, bearish pressure likely.

- RSI at 32 signals oversold conditions, short-term bounce possible.

- Key support levels to watch: 1.0674, 1.0650, 1.0613.

The EUR/USD pair is struggling to maintain upward momentum, currently hovering slightly above the 1.07 mark. On the 4-hour chart, the pair is trading below its pivot point of 1.0726, signaling potential bearish pressure.

The 50-day Exponential Moving Average (EMA) at 1.0814 reinforces this bearish outlook, acting as a significant resistance level.

The Relative Strength Index (RSI) reading of 32 indicates oversold conditions, hinting at a potential bounce in the near term.

However, traders should remain cautious as the overall trend remains bearish. Key resistance levels to watch include 1.0766, 1.0798, and 1.0847. A break above these levels could negate the bearish outlook and signal a potential reversal.

On the downside, immediate support lies at 1.0674, followed by 1.0650 and 1.0613. A break below these levels could exacerbate the downward pressure, potentially leading to further losses for the euro.

EUR/USD- Trade Ideas

Entry Price – Sell Below 1.07262

Take Profit – 1.06758

Stop Loss – 1.07559

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$504/ -$297

Profit & Loss Per Mini Lot = +$50/ -$29