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

Daily Price Outlook

The EUR/USD currency pair, as indicated by the 4-hour chart, is trading at 1.0605. It finds its pivot point at 1.05445. On the upside, immediate resistance stands at 1.06413, with further resistances at 1.06974 and 1.07942. Conversely, the pair sees support at 1.04907, with subsequent levels at 1.03939 and 1.03389.

The Relative Strength Index (RSI) records a value of 59.58, signaling a healthy bullish momentum without reaching the overbought territory.

The MACD, with a reading of 0.00048, is slightly below its signal line, marked at 0.00207, hinting at a potential pause in the bullish momentum.

Importantly, the EUR/USD's current price is perched above the 50-day Exponential Moving Average (EMA) of 1.05612, emphasizing its short-term bullish trajectory.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.0617

Take Profit – 1.0559

Stop Loss – 1.0651

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$577/ -$336

Profit & Loss Per Micro Lot = +$57/ -$33