Daily Price Outlook

- EUR/USD is marginally down today, indicating cautious trading just below the pivot point.

- The pair shows potential for recovery with resistance and support levels closely monitored.

- Strategy suggests a cautious buy with a clear target and stop loss to capture potential upswings.

In today's session, the EUR/USD pair is slightly down, trading at $1.06630, a decrease of 0.04%. This minor downtick reflects a cautious market posture ahead of key economic releases. Positioned just below its pivotal point at $1.06871, the pair’s movements suggest a hovering uncertainty among traders.

Resistance for EUR/USD is initially found at $1.06889, with further ceilings at $1.07204 and $1.07534 that need to be surpassed for significant bullish momentum. On the downside, the immediate support lies at $1.06322, extending to $1.06018 and $1.05627, which serve as crucial buffers against potential declines.

The Relative Strength Index (RSI) stands at 39, indicating a slight lean towards oversold conditions, which could foretell a potential for recovery if market conditions permit. Additionally, the 50-Day Exponential Moving Average (EMA) aligns closely at $1.06887, underscoring a pivotal role in short-term price direction.

Given the proximity of the current price to critical technical levels, adopting a cautious approach may be wise. An ideal trading strategy would be to initiate a buy position slightly above the current market price at $1.06562, targeting the pivot point at $1.06871 for potential profit-taking, and placing a stop loss at $1.06258 to manage risks effectively.

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

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.06562

Take Profit – 1.06871

Stop Loss – 1.06258

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$309/ -$304

Profit & Loss Per Mini Lot = +$30/ -$30



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