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 34 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, trading slightly below the 1.07 mark. The 4-hour chart reveals the pair is hovering just beneath its pivot point at $1.0726, signaling potential bearish pressure.

The 50-day Exponential Moving Average (EMA) at $1.0802 further reinforces this bearish outlook, acting as a significant resistance level.

The Relative Strength Index (RSI) reading of 34 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 $1.0771, $1.0808, 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.

EUR/USD- Trade Ideas

Entry Price – Sell Limit 1.07254

Take Profit – 1.06738

Stop Loss – 1.07559

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$516/ -$305

Profit & Loss Per Mini Lot = +$51/ -$30