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

Daily Price Outlook

- Bearish Momentum: EUR/USD is trading below its 50-day EMA, indicating bearish pressure.

- Oversold RSI: The RSI is at 29, suggesting potential for a short-term corrective rebound.

- Key Levels to Watch: Support at 1.0951; resistance at 1.0999, with pivot at 1.0983.

The EUR/USD pair is displaying subdued price action, lingering near the 1.0966 mark. The Euro's slight dip against the Dollar reflects an overall lack of momentum, with the pair trading below its 50-day Exponential Moving Average (EMA) at 1.1036.

Currently, the Relative Strength Index (RSI) stands at 29, suggesting that the pair is in oversold territory and might be ripe for a corrective bounce. However, any upside movement faces immediate resistance at 1.0999, followed by stronger barriers at 1.1016 and 1.1036.

The technical outlook remains bearish as long as EUR/USD stays below the pivot point of 1.0983. A break below the immediate support level at 1.0951 could pave the way for further declines toward 1.0938 and potentially 1.0923.

This bearish sentiment is reinforced by the continued strength of the U.S. dollar amid expectations that the Federal Reserve may delay any further rate cuts due to strong U.S. economic data.

In conclusion, the EUR/USD is likely to remain under pressure unless it can break and sustain above the 1.0983 pivot point. Traders should monitor upcoming U.S. inflation data closely, as it could significantly impact the pair’s direction.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.09833

Take Profit – 1.09518

Stop Loss – 1.09996

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$315/ -$163

Profit & Loss Per Mini Lot = +$31/ -$16