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

Daily Price Outlook

- Mild Bullish Bias: EUR/USD trades above its pivot at $1.1184, eyeing resistance at $1.1214.

- Support Levels: Immediate support at $1.1171; break below could test $1.1150.

- Buy Strategy: Consider buying above $1.1184, targeting $1.1214 with a stop-loss at $1.1169.

EUR/USD is currently trading at $1.11937, reflecting a modest gain of 0.03% as it hovers above the pivot point at $1.1184. The pair has been in a steady upward trajectory, suggesting mild bullish sentiment in the near term.

Immediate resistance is observed at $1.1200, followed by $1.1214 and $1.1232, making these levels critical for further upward momentum. A break above $1.1214 could lead to a test of $1.1232, indicating a stronger bullish continuation.

On the downside, immediate support lies at $1.1171, with subsequent levels at $1.1150 and $1.1133. The 50-day Exponential Moving Average (EMA) is positioned at $1.1166, indicating that the pair is trading above its short-term trend line and suggesting continued bullish momentum.

However, the Relative Strength Index (RSI) is at 61, nearing overbought territory, which could limit further gains unless there is a strong catalyst, such as positive economic data from the Eurozone or dovish commentary from the Federal Reserve.

From a technical perspective, traders may consider long positions above $1.1184, targeting resistance at $1.1214 and setting a stop-loss around $1.1169 to manage risk.

The focus will be on key economic releases, such as the Eurozone inflation data and U.S. employment numbers, which could significantly influence the pair’s direction in the coming days.

For now, the EUR/USD remains supported above $1.1184, but any break below this pivot point could shift sentiment to bearish, bringing $1.1150 back into play as a key support level. Until then, the pair looks poised to test resistance levels as it sustains its upward momentum.

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.11844

Take Profit – 1.12141

Stop Loss – 1.11696

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$301/ -$148

Profit & Loss Per Mini Lot = +$29/ -$14