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

Daily Price Outlook

- EUR/USD nears a key pivot at $1.11005, with bears currently in control.

- RSI at 39 suggests potential for further downside before oversold conditions hit.

- A break below $1.10695 could drive the pair toward $1.10208, key support levels to watch.

The EUR/USD pair is currently trading at $1.10568, gaining 0.13% during today's session. The price is edging closer to the pivot point at $1.11005, a crucial level that could set the tone for the day's trading.

Immediate resistance lies at $1.11395, with the next key levels being $1.11892 and $1.10337. On the downside, immediate support can be found at $1.09995, with further supports at $1.09685.

The 50-day Exponential Moving Average (EMA) sits at $1.11083, slightly above the current price. This EMA acts as a strong barrier for bulls trying to push the price higher.

A break above this could see the pair testing the next resistance at $1.11395, while a rejection could drive EUR/USD back toward its key support areas.

Technical indicators suggest a bearish bias for now. The Relative Strength Index (RSI) stands at 39, signaling that the market has room for further declines before reaching oversold conditions.

In the short term, selling pressure could dominate if the pair breaks below the immediate support at $1.10695. A fall below this level would likely accelerate the downward move toward $1.10208.

However, if EUR/USD manages to breach the $1.11005 pivot point and hold above it, we could see a shift in sentiment, potentially driving the pair toward $1.11395. Watch closely for a break or bounce around these key levels.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.10692

Take Profit – 1.10208

Stop Loss – 1.10973

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$484/ -$281

Profit & Loss Per Mini Lot = +$48/ -$28