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

Daily Price Outlook

- EUR/USD faces key resistance at $1.08692, with a breakout needed for a bullish shift.

- Breaching $1.08291 could pave the way for a move down to $1.07712.

- RSI at 59 shows moderate bullish momentum, but resistance caps further gains.

EUR/USD is trading at $1.08213, down by 0.06% as the currency pair struggles to maintain momentum near the $1.08465 pivot point. Immediate support stands at $1.08291, a level crucial for short-term sentiment. Should EUR/USD breach this level, it could extend the bearish move toward the immediate support target of $1.07712, with a further downside likely to test $1.07486 if selling pressure intensifies.

On the upside, EUR/USD will face strong resistance at $1.08692, a level reinforced by the 50-day EMA, which is currently sitting at $1.08092. This EMA acts as a significant pivot, potentially limiting any bullish moves unless there is a sustained break above it. Additional resistance can be found at $1.08880, providing a key barrier for bullish sentiment should the pair reverse.

The RSI reading of 59 signals modestly bullish momentum, suggesting the pair may be on the verge of testing higher resistance levels. However, the bearish pressure currently weighs heavier as the price action remains below the pivotal $1.08465 level. Traders may want to consider a short position below $1.08288, with a take-profit target of $1.07976 and a stop-loss at $1.08465.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.08288

Take Profit – 1.07976

Stop Loss – 1.08465

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$312/ -$177

Profit & Loss Per Mini Lot = +$31/ -$17