Daily Price Outlook

- EUR/USD slightly down at 1.07223, close to its pivot point of 1.0714, hinting at potential shifts.

- Key resistance levels identified at 1.0746, 1.0778, and 1.0822, with support starting at 1.0674.

- Technical indicators show potential for upward movement with an RSI of 59 and 50 EMA support at 1.0693.

On April 26, the EUR/USD pair experienced a slight decline, closing at 1.07223, down by 0.06%. Despite the modest drop, the pair remains in close proximity to the key pivot point at 1.0714, suggesting a potential for pivotal market movements in upcoming sessions.

Technical analysis indicates that the EUR/USD has immediate resistance at 1.0746, with further resistance seen at 1.0778 and 1.0822. These levels will be crucial for traders to monitor as a break above could signify a continuation of bullish momentum. Conversely, the currency pair has established immediate support at 1.0674. Additional support levels are positioned at 1.0636 and 1.0609, which could play a pivotal role should the pair continue its downward trajectory.

The Relative Strength Index (RSI) stands at 59, indicating that the market is neither overbought nor oversold, and there is still room for upward price movement. The 50-Day Exponential Moving Average (EMA) at 1.0693 serves as a near-term support level, slightly below the current price, which adds an additional layer of support for the EUR/USD.

Given the current market conditions and technical setup, traders might consider entering a long position if the EUR/USD rises above 1.07129, aiming for a take profit at 1.07657 and placing a stop loss at 1.06789 to manage risk effectively.

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

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.07129

Take Profit – 1.07657

Stop Loss – 1.06789

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$528/ -$340

Profit & Loss Per Mini Lot = +$52/ -$34



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