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

Daily Price Outlook

- Resistance Levels: $1.05657 (pivot), $1.05973, $1.06321.

- Support Levels: $1.04983, $1.04690, $1.04332.

- Momentum: RSI at 40 signals bearish momentum; the 50-day EMA at $1.05339 adds to overhead resistance.

The EUR/USD pair is trading at $1.05217, down 0.50%, reflecting sustained bearish momentum. The currency pair remains below its critical pivot point at $1.05657, signaling continued downside pressure.

Immediate resistance is seen at $1.05973, with further hurdles at $1.06321. These levels are pivotal, as a breakout above $1.05973 could signal a reversal of the bearish trend. However, the 50-day EMA at $1.05339 reinforces near-term resistance, limiting upward potential.

On the downside, immediate support rests at $1.04983, followed by deeper levels at $1.04690 and $1.04332. The RSI at 40 indicates bearish sentiment, though it is not yet in oversold territory, leaving room for further declines.

A sustained break below $1.04983 could accelerate selling pressure, targeting the $1.04690 support level, while failure to breach resistance suggests continued consolidation within the current range.

The broader technical outlook remains bearish as long as EUR/USD trades below $1.05657. Traders should monitor key support levels to gauge the extent of downside risk.

A decisive move above the pivot point could shift sentiment and attract bullish interest, but caution is warranted given the current downward trend.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.05297

Take Profit – 1.04988

Stop Loss – 1.05530

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$309/ -$233

Profit & Loss Per Mini Lot = +$30/ -$23