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

Daily Price Outlook

- Entry Strategy: Sell below $1.07767, targeting $1.06941, with a stop loss at $1.08204.

- Immediate Support: Watch for $1.06791; a break here could lead to $1.06375.

- Technical Indicators: RSI at 24 signals oversold conditions but confirms ongoing bearish momentum.

EUR/USD has dropped to $1.07183, shedding nearly 2% as the pair struggles to find support amidst continued dollar strength. The sharp decline in the euro signals bearish momentum, with immediate support now positioned at $1.06791.

Should this level fail to hold, the next critical support zones lie at $1.06375 and potentially lower, putting additional downside pressure on the euro. The pair faces resistance at $1.07760, with further resistance levels at $1.08108 and $1.08558. A push above these levels would be needed to shift momentum back in favor of the euro.

Technical indicators confirm the bearish outlook, with the RSI hovering at an oversold level of 24, suggesting intense selling pressure. While an oversold RSI could hint at a potential short-term bounce, the broader trend remains downward. The 50-day EMA, currently at $1.08728, sits well above the current price, reinforcing the bearish bias and indicating that any upside attempt may be limited.

Given the strong dollar environment, traders might consider selling positions below the pivot point at $1.07767, with a target take-profit level around $1.06941 and a stop loss near $1.08204. If EUR/USD remains under $1.07760, sellers are likely to stay in control, pushing the pair lower towards key support levels.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.07767

Take Profit – 1.06941

Stop Loss – 1.08204

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$826/ -$437

Profit & Loss Per Mini Lot = +$82/ -$43