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

Daily Price Outlook

- EUR/USD remains under pressure, trading below the pivot point of $1.0892, with potential for further declines.

- RSI at 35 signals approaching oversold territory, but still room for additional downside.

- The 50-period EMA at $1.0917 reinforces bearish sentiment, with the pair struggling to break higher.

EUR/USD is trading at $1.08798, down 0.09%, as the pair remains under mild bearish pressure. The price has dropped below the pivot point of $1.0892, indicating a continued downtrend.

Immediate resistance is seen at $1.0916, with further resistance levels at $1.0933 and $1.0952. On the downside, key support is located at $1.0866, followed by $1.0852 and $1.0837. If the pair breaks below these levels, further downside movement could follow.

The Relative Strength Index (RSI) is currently at 35, suggesting that while the pair is approaching oversold territory, there is still room for additional downward movement.

The 50-period Exponential Moving Average (EMA) at $1.0917 is acting as a dynamic resistance, reinforcing the bearish bias as long as the price stays below this level.

The overall trend appears bearish, with a potential for further declines if key support levels are breached.

Traders may consider entering short positions below $1.08922, with a target of $1.08570, and a stop loss at $1.09160 to protect against any upside reversal. The combination of the bearish trend and a low RSI suggests the possibility of continued weakness in the near term.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.08922

Take Profit – 1.08570

Stop Loss – 1.09160

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$352/ -$238

Profit & Loss Per Mini Lot = +$35/ -$23