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

Daily Price Outlook

- Critical Pivot Level: The $1.09022 pivot will likely determine EUR/USD’s next move.

- Resistance Outlook: Immediate resistance at $1.09128; further gains could test higher levels.

- Support from EMA: The 50 EMA at $1.08677 offers strong support, signaling stability.

The EUR/USD pair is trading at $1.08958, up 0.59% on the day, as it moves just below a key pivot level at $1.09022. This pivot is a critical indicator for the pair’s potential direction. Immediate resistance lies at $1.09128, followed by higher resistance levels at $1.09231 and $1.09316.

A break above these levels would suggest continued bullish momentum, supported by an RSI reading of 61, indicating that the pair is approaching overbought territory. However, if EUR/USD manages to surpass the 1.09128 resistance, it could attract further buying interest.

On the downside, immediate support is found at $1.08845, with additional support at $1.08695 and a more substantial base at $1.08578, just above the 50-day Exponential Moving Average (EMA) of $1.08677.

The 50 EMA serves as a strong support level and could stabilize the pair if selling pressure increases. Current market sentiment remains influenced by the Eurozone’s economic outlook and dollar movements, with investors watching closely for cues from both the European Central Bank and the U.S. Federal Reserve.

Traders should consider the pivot point at $1.09022 as the deciding factor; a break below may signal selling opportunities, targeting $1.08770. Conversely, a sustained move above $1.09128 could reinforce a bullish trend, with the potential to reach higher resistance levels.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.09021

Take Profit – 1.08770

Stop Loss – 1.09169

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$251/ -$148

Profit & Loss Per Mini Lot = +$25/ -$14