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

Daily Price Outlook

- EUR/USD hovers near $1.10695 support, with RSI at 40 indicating slight bearish pressure.

- A break above $1.11005 pivot could target $1.11395 and $1.11892 resistance levels.

- Downside risks increase below $1.10695, with next support at $1.10337 and $1.09995.

The EUR/USD pair is currently trading at $1.10757, down 0.01% as it hovers just above a key support level at $1.10695. The market sentiment appears cautious, with the Relative Strength Index (RSI) at 40, signaling a slight bearish bias in the short term.

This reflects some downward pressure as the pair remains below the 50-day Exponential Moving Average (EMA) of $1.11355, indicating that the bears might still have some control.

The immediate pivot point at $1.11005 serves as a critical juncture for traders. A decisive break above this level could signal a potential recovery, with immediate resistance at $1.11395 and further targets at $1.11892.

On the downside, if the price slips below $1.10695, the next support lies at $1.10337, with additional support levels at $1.09995 and $1.09685. These levels are crucial for maintaining the current range, and a breach could open the door to more significant declines.

Given the current technical setup, traders might consider entering a long position above $1.10697, with a take profit target near $1.11188. A stop loss placed around $1.10430 could help mitigate downside risk if the support fails to hold.

Overall, EUR/USD is trading within a tight range, with the possibility of a breakout depending on how the price interacts with the $1.11005 pivot point. As the market awaits further directional cues, the pair’s movement around these key levels will be pivotal in determining the next trend.

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.10697

Take Profit – 1.11188

Stop Loss – 1.10430

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$491/ -$267

Profit & Loss Per Mini Lot = +$49/ -$26