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

Daily Price Outlook

- Bearish Sentiment: Trading below the 50 EMA ($1.06395) confirms a downward trend.

- Resistance Levels: Immediate resistance lies at $1.06568, limiting upside potential.

- Sell Signal: Possible sell entry below $1.06230, with a target of $1.05950.

The EUR/USD pair is trading at $1.06110, down by 0.11% for the day, reflecting mild bearish sentiment as it hovers below key resistance levels. The pivot point is established at $1.06285, marking an essential level for intraday traders to watch.

If EUR/USD fails to reclaim this pivot, it could signal further downside pressure. Immediate resistance lies at $1.06568, followed by the next resistance levels at $1.06824, which may act as barriers in any attempted recovery.

On the downside, immediate support is located at $1.05952, with further support seen at $1.05711 and a more critical level at $1.05527, which could potentially limit bearish movement if selling intensifies.

The Relative Strength Index (RSI) stands at 40, signaling bearish momentum but not yet reaching oversold territory, leaving room for additional downside movement. Additionally, the 50-day Exponential Moving Average (EMA) is positioned at $1.06395, above the current trading price, reinforcing a bearish bias as the pair struggles to break through this level.

Traders may consider a potential sell entry below $1.06230, with a target of $1.05950 to capitalize on the bearish momentum. A stop-loss at $1.06458 is recommended to manage risk against unexpected upward moves.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.06230

Take Profit – 1.05950

Stop Loss – 1.06458

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$280/ -$228

Profit & Loss Per Mini Lot = +$28/ -$22