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

Daily Price Outlook

- EUR/USD eyes $1.1043 resistance; a break above could push it to $1.1073.

- RSI at 55, indicating potential for further gains before hitting overbought levels.

- Strategy: Buy above $1.0972, targeting $1.10339, with a stop-loss at $1.09376.

EUR/USD is showing signs of a potential bullish breakout, currently trading at $1.09842, up 0.04% for the day.

The pair is hovering just above its pivot point at $1.0972, which is a key level to watch for further upside.

Immediate resistance is seen at $1.1043, and if the pair can close above this level, it could target the next resistance levels at $1.1073 and $1.1105.

The Relative Strength Index (RSI) is moderately positioned at 55, indicating there's room for further upward movement before entering overbought territory.

The 50-day Exponential Moving Average (EMA) at $1.0947 is providing solid support, reinforcing the bullish outlook.

Immediate support levels are at $1.0883 and $1.0845, with an additional safety net at $1.0922. These levels are crucial to maintain the current bullish momentum.

If the price dips below $1.0972, a short-term pullback could be in the cards, but the overall outlook remains positive as long as it holds above the 50-day EMA.

For those considering entering the market, buying above $1.0972 could be a strategic move, targeting a take-profit at $1.10339.

A stop-loss should be placed at $1.09376 to manage potential downside risks. The key area to watch is the $1.1043 resistance, which could determine the sustainability of this bullish trend.

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.09720

Take Profit – 1.10339

Stop Loss – 1.09376

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$619/ -$344

Profit & Loss Per Mini Lot = +$61/ -$34