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

Daily Price Outlook

- EUR/USD is trading at $1.08846, with immediate support at $1.0861 and resistance at $1.0904.

- RSI at 44 indicates a neutral stance, allowing for potential moves in either direction.

- Recommended trade setup: Sell below $1.08953, take profit at $1.08603, stop loss at $1.0920.

EUR/USD is currently trading at $1.08846, reflecting a modest gain of 0.09%. On the 4-hour chart, the pivot point is situated at $1.0876, which acts as a crucial marker for market sentiment.

Immediate resistance is identified at $1.0904, with subsequent resistance levels at $1.0924 and $1.0948. On the downside, immediate support lies at $1.0861, followed by stronger support at $1.0844 and $1.0825.

Technical indicators provide a nuanced picture. The Relative Strength Index (RSI) is currently at 44, suggesting that the currency pair is in neutral territory. This indicates that there is no immediate overbought or oversold condition, leaving room for further price movements in either direction.

The 50-day Exponential Moving Average (EMA) stands at $1.0888, slightly above the current price, hinting at a potential bearish trend if the price remains below this level.

Given the technical setup, a cautious approach is advised. A sell entry is recommended below the pivot point at $1.08953. The suggested take profit level is $1.08603, aligning with the immediate support level. To mitigate risk, a stop loss should be placed at $1.0920, just above the next resistance level, to guard against unexpected upward movements.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.08953

Take Profit – 1.08603

Stop Loss – 1.0920

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$350/ -$250

Profit & Loss Per Mini Lot = +$35/ -$25