EURUSD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Immediate Resistance: $1.11537; Immediate Support: $1.10717

- 50-Day EMA: $1.10920 acts as crucial support, maintaining a bullish trend.

- RSI at 65: Reflects bullish momentum, but caution is warranted as overbought conditions approach.

EUR/USD is trading at $1.11182, up 0.07%, showing signs of strength as the pair edges higher within a tight range. The 4-hour chart indicates bullish momentum, as the euro holds above its key support levels.

The pair is currently eyeing the pivot point at $1.11537, which will be crucial in determining the next leg of the move. A break above this level could see EUR/USD test immediate resistance at $1.11932, with further gains pushing towards $1.12302.

However, a failure to breach the pivot could open the door for a retracement, with immediate support found at $1.10717 and deeper support at $1.10337 and $1.09995.

The 50-day Exponential Moving Average (EMA) at $1.10920 is acting as a key dynamic support, reinforcing the bullish bias as long as the price remains above this level.

The Relative Strength Index (RSI) is sitting at 65, indicating moderately bullish momentum but nearing overbought territory. A break above 70 could signal further gains, but traders should remain cautious of a potential correction if the RSI starts to roll over.

Given the current technical setup, traders may consider entering long positions above $1.11011, with a take-profit target at $1.11549 and a stop-loss at $1.10716. The technical outlook remains positive as long as the pair holds above the 50-day EMA and the pivot point is respected.

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.11011

Take Profit – 1.11549

Stop Loss – 1.10716

Risk to Reward – 1: 1.8

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

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