Daily Price Outlook

- EUR/USD dips to 1.08257, with market sentiment hinging on the 1.0809 pivot point.

- Resistance and support levels range from 1.0850 to 1.0657, dictating near-term trading dynamics.

- Neutral RSI at 54 and 50-day EMA close to current price, suggesting a balanced market awaiting catalysts.

The EUR/USD pair saw a slight decrease of 0.10%, settling at 1.08257. Currently, the currency pair hovers around the pivot point of 1.0809, indicating a delicate balance in market sentiment. Immediate resistance is found at 1.0850, with further hurdles at 1.0905 and 1.0945. Should the Euro strengthen, these are the levels to watch for potential breakouts. On the downside, support is established at 1.0753, with additional safety nets at 1.0712 and 1.0657, which could come into play if the pair weakens.

The Relative Strength Index (RSI) at 54 suggests a relatively neutral market momentum, neither overly bought nor sold. The 50-day Exponential Moving Average (EMA) at 1.0833 is in close proximity to the current price, further signaling a market in equilibrium.

Given these observations, the EUR/USD pair is at a crossroads. The advised trading strategy involves buying above 1.08232, with a target of 1.08686 and a stop loss at 1.07938.

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

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.08232

Take Profit – 1.08686

Stop Loss – 1.07938

Risk to Reward – 1: 1.54

Profit & Loss Per Standard Lot = +$454/ -$294

Profit & Loss Per Mini Lot = +$45/ -$29



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