Daily Price Outlook

- EUR/USD pair shows a slight increase, facing resistance at $1.0962.

- RSI suggests overbought conditions, hinting at a possible trend reversal.

- Short-term outlook is bullish, with a focus on potential breakout above $1.1000.

In the ever-evolving forex market, the EUR/USD pair on December 15 presents a scenario of cautious optimism. Trading at 1.09980, the pair sees a modest increase of 0.07%, reflecting a tempered bullish sentiment. The pair’s technical posture is anchored around a pivot point of $1.0866, with its trajectory shaped by a series of key price levels.

Immediate resistance is encountered at $1.0962, followed by higher ceilings at $1.1035 and $1.1104. On the downside, supports are formed at $1.0797, $1.0693, and $1.0624, crucial for maintaining the pair's stability. The Relative Strength Index (RSI) at 77 signals an overbought condition, suggesting the pair might be approaching a potential reversal point. The MACD, with a value of 0.00198 below its signal line of 0.01, indicates a weakening of the current bullish trend.

The pair's positioning above the 50-Day Exponential Moving Average (EMA) of $1.0943 further underlines its short-term bullish trend. However, a double-top pattern near the $1.1008 mark poses a significant resistance, potentially limiting further gains. A successful breach of this level could indicate a stronger bullish momentum, while failure to do so may result in a pullback.

Overall, the EUR/USD pair exhibits a bullish trend, contingent upon a breakout above the $1.1000 mark. The short-term forecast anticipates a testing of these resistance levels, with market participants closely watching for a possible upward trajectory or a shift in trend.

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

EUR/USD - Trade Idea 

Entry Price – Buy Stop 1.10145

Take Profit – 1.10920

Stop Loss – 1.09676

Risk to Reward – 1: 1.65

Profit & Loss Per Standard Lot = +$775/ -$469

Profit & Loss Per Mini Lot = +$77/ -$46



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