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

Daily Price Outlook

- EUR/USD bearish sentiment with RSI at 42.30, suggesting potential downside if pivot point breaks.

- Immediate resistance levels at $1.07577, $1.07706, and $1.08082 must be breached for bullish momentum.

- Sell entry below $1.07255 with a target of $1.06738 and stop loss at $1.07577.

EUR/USD is currently trading at $1.07198. The pivot point at $1.07255 is crucial for determining the next move. Immediate resistance is found at $1.07387, with subsequent resistance levels at $1.07577 and $1.07734. These levels need to be breached for a potential bullish reversal. On the downside, immediate support is identified at $1.07000. If this level is broken, the next support levels are at $1.06738 and $1.06499.

The 50-day Exponential Moving Average (EMA) is currently at $1.07734, while the 200-day EMA is at $1.07706, indicating bearish momentum in the short term. The Relative Strength Index (RSI) is at 42.30, suggesting that the market is neither overbought nor oversold, but closer to the lower end of the spectrum. This implies a potential for further downside if bearish pressure continues.

The current price action indicates that a break above the immediate resistance at $1.07387 could signal a bullish move, while a drop below the pivot point of $1.07255 may lead to further downside pressure.

Considering the current technical outlook, a sell position below $1.07255 is advisable with a take profit target at $1.06738 and a stop loss at $1.07577.

EUR/USD- Trade Ideas

Entry Price – Sell Below 1.07255

Take Profit – 1.06738

Stop Loss – 1.07577

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$517/ -$322

Profit & Loss Per Mini Lot = +$51/ -$32