Daily Price Outlook

- EUR/USD shows a slight decline to 1.06113, indicating bearish market conditions under the 1.0630 pivot.

- Resistance levels are set at 1.0685, 1.0726, and 1.0787; breaking these could reverse the bearish trend.

- Recommended strategy: Sell below 1.0630, target 1.0571, stop loss at 1.0671, reflecting current technical indicators and market sentiment.

On April 17, the EUR/USD pair traded slightly lower, closing at 1.06113, a 0.06% decrease from the previous session. This minor pullback reflects a cautious market sentiment as traders evaluate the latest economic cues from both Europe and the United States. The pair currently sits below its pivot point of 1.0630, suggesting a bearish bias in the near term. Immediate resistance is observed at 1.0685, with additional barriers at 1.0726 and 1.0787. Should the pair break above these levels, it could signal a shift towards a bullish outlook.

Conversely, support for the EUR/USD is found at 1.0600, followed by 1.0571 and 1.0528. Breaking below these levels could accelerate the bearish trend, pushing the pair to lower valuations. The Relative Strength Index (RSI) at 29 indicates that the pair is currently in the oversold territory, which might trigger a corrective rebound if bullish triggers emerge in the market.

The 50-day Exponential Moving Average (EMA) at 1.0741 further illustrates that the pair is trading below medium-term moving averages, supporting the current bearish perspective. Considering these factors, traders might consider a short position at a break below 1.0630, with a take profit target at 1.0571 and a stop loss at 1.0671 to manage risk effectively.

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

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.06308

Take Profit – 1.05709

Stop Loss – 1.06717

Risk to Reward – 1: 1.46

Profit & Loss Per Standard Lot = +$599/ -$409

Profit & Loss Per Mini Lot = +$59/ -$40



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