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

Daily Price Outlook

- EUR/USD faces resistance at $1.0869, indicating potential downward pressure in the near term.

- Key support at $1.0835 suggests cautious buying interest around this level.

- RSI at 45.13 indicates neutral momentum, with potential downside if resistance holds firm.

EUR/USD is currently trading around $1.0861, reflecting a slight downward trend of 0.04%.

On the 2-hour chart, EUR/USD faces a key resistance level around $1.0869, corresponding to the 50-period Exponential Moving Average (EMA), which continues to act as a barrier for upward momentum. Recent trading sessions indicate a slight recovery attempt in EUR/USD, bouncing off from its immediate support at $1.0835. However, price action remains constrained below a descending trendline, suggesting ongoing selling pressure.

The Relative Strength Index (RSI) at 45.13 reflects neutral conditions, with slight bearish momentum. This signals potential room for further decline if selling pressure persists. Any failure to clear the immediate resistance could lead to renewed downward movement.

If EUR/USD breaks below $1.0868, it would face the next support level at $1.0813, followed by a critical base at $1.0794. On the upside, clearing the immediate resistance would open the door to $1.0894, followed by another key hurdle at $1.0916.

Conclusion:

If EUR/USD fails to surpass the $1.0869 resistance level, traders may consider selling below $1.0868, targeting $1.0813 as the next key support. However, a stop-loss should be placed above $1.0894 to manage risk.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.08677

Take Profit – 1.08137

Stop Loss – 1.08942

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$540/ -$265

Profit & Loss Per Mini Lot = +$54/ -$26