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

Daily Price Outlook

- EUR/USD is up 0.10%, with RSI at 63, signaling potential limited upside.

- Immediate resistance at $1.1121; support at $1.1066.

- Sell strategy below $1.1090 targets $1.1040, with a stop-loss at $1.1120.

The EUR/USD pair is trading at $1.10846, up a modest 0.10%, as the currency pair hovers around key technical levels.

The recent uptick in price signals bullish momentum, but caution is warranted with the Relative Strength Index (RSI) sitting at 63, nearing overbought territory.

This suggests potential limited upside in the near term, with market participants eyeing key resistance and support levels for further guidance.

The pivot point is located at $1.1090, which serves as a critical reference for intraday price movements. Immediate resistance is seen at $1.1121, followed by stronger levels at $1.1151 and $1.1185.

A decisive break above these levels could signal the continuation of the bullish trend, potentially triggering further gains toward the $1.12 mark. However, with the RSI approaching higher levels, the currency may face headwinds if buying pressure wanes.

On the downside, immediate support rests at $1.1066, with further support at $1.1041 and $1.1006.

The 50-day Exponential Moving Average (EMA), currently at $1.1058, aligns closely with the support zone, acting as a key level to watch for a potential retracement. Any sustained break below these levels could shift market sentiment towards a bearish outlook.

Strategically, selling below $1.1090 may be favorable, with a target of $1.1040. A stop-loss at $1.1120 would provide appropriate risk management, particularly as the pair tests its immediate resistance levels.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.10900

Take Profit – 1.10400

Stop Loss – 1.11200

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$500/ -$300

Profit & Loss Per Mini Lot = +$50/ -$30