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

Daily Price Outlook

- Bearish Bias: EUR/USD is under pressure below the $1.1070 pivot, with the RSI at 42 indicating potential for further downside.

- Resistance Levels: Immediate resistance is seen at $1.1101, with additional targets at $1.1140 and $1.1189.

- Support Levels: Key support is found at $1.1034, followed by $1.1000 and $1.0969.

The EUR/USD pair is currently trading at $1.10620, experiencing a slight gain of 0.02% in early trading.

The currency pair is hovering near the pivotal level of $1.1070, which serves as a crucial point for determining the next directional move.

The 4-hour chart shows immediate resistance at $1.1101, followed by higher resistance levels at $1.1140 and $1.1189. A successful break above these levels could set the stage for further bullish momentum.

On the downside, immediate support lies at $1.1034, with additional support at $1.1000 and $1.0969.

The Relative Strength Index (RSI) is currently at 42, suggesting that the pair is leaning towards a bearish bias but is not yet in oversold territory.

This implies that there may be room for additional downside movement if the pair fails to hold above the key pivot point at $1.1070.

The 50-day Exponential Moving Average (EMA), currently positioned at $1.1109, is acting as a resistance level, reinforcing the bearish outlook.

Given the current technical setup, traders might consider selling positions below $1.10831, with a potential target near the $1.10338 level.

Conversely, a break above $1.1101 could invalidate this bearish outlook, potentially paving the way for a rally toward $1.1140 and beyond.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.10831

Take Profit – 1.10338

Stop Loss – 1.11194

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$493/ -$363

Profit & Loss Per Mini Lot = +$49/ -$36