Daily Price Outlook

    On October 16, the EUR/USD currency pair marked a value of 1.05248, illustrating a marginal ascent of 0.20%. Over a four-hour chart timeframe, critical data points emerge, illuminating potential future movements.

    Starting with pivotal data points, the pair's current pivot point stands at 1.05495. Looking ahead, resistance levels manifest at 1.06018, 1.06912, and 1.07457. Conversely, support tiers for the asset are marked at 1.04558, followed closely by 1.04035 and extending to 1.0312.

    Delving into the technical indicators, the Relative Strength Index (RSI) registers at 41, which, while not indicating overbought conditions, suggests the pair is leaning toward the bearish spectrum. The Moving Average Convergence Divergence (MACD) showcases a value of -0.0009, with its signal counterpart at -0.0014. This alignment hints at the MACD line having recently ventured above the signal line, insinuating possible upcoming bullish momentum.

    Furthermore, the 50-Day Exponential Moving Average (EMA) posts a value of 1.05601. Interestingly, the current price lies below this EMA value. Traditionally, when a price positions itself below the 50 EMA, it often indicates a short-term bearish trend. Therefore, traders should tread cautiously and monitor subsequent movements closely.

    EUR/USD Price Chart – Source: Tradingview
    EUR/USD Price Chart – Source: Tradingview

    EUR/USD - Trade Idea

    Entry Price – Sell Limit 1.05570

    Take Profit – 1.04839

    Stop Loss – 1.05968

    Risk to Reward – 1: 1.8

    Profit & Loss Per Standard Lot = +$731/ -$398

    Profit & Loss Per Micro Lot = +$73/ -$39



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