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

Daily Price Outlook

- EUR/USD consolidates above the key support level of $1.10690.

- RSI at 55.77 suggests room for upside momentum.

- Break above $1.11228 could signal further bullish action, targeting $1.11892.

EUR/USD is showing signs of consolidation after breaking out of a descending channel. The pair is currently hovering near the 1.10690 support level, which coincides with the pivot point for today. If the price manages to stay above this level, it could trigger further upward momentum towards the immediate resistance at 1.11005. Above this, the next resistance stands at 1.11228, followed by a potential move to 1.11892 if bullish momentum continues.

The RSI at 55.77 indicates that the market still has room to the upside, with momentum building slowly. However, traders should remain cautious if the price slips below the support level of 1.10690, as this could expose the pair to a move down towards 1.10395, and possibly further to 1.09995. A break above the 50-day EMA at 1.10991 will serve as an additional bullish confirmation.

Overall, the EUR/USD pair is showing potential for gains as long as it remains above the key support of 1.10690. A bullish breakout above the 50-EMA could drive further upward movement, while a failure to hold support might bring in selling pressure.

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.10690

Take Profit – 1.11228

Stop Loss – 1.10395

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$538/ -$295

Profit & Loss Per Mini Lot = +$53/ -$29