EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Pivot Point at $1.08140 is crucial for determining bullish or bearish bias.

- Immediate Resistance Levels: $1.08423, $1.08630, $1.08835.

- Immediate Support Levels: $1.07897, $1.07669, $1.07386.

EUR/USD is currently trading at $1.08233, showing a slight increase of 0.04% for the day. The 4-hour chart reveals crucial levels that could influence the pair's direction. The pivot point, highlighted in green, is at $1.08140, serving as a key reference level for traders.

Immediate resistance is identified at $1.08423, with further resistance at $1.08630 and $1.08835. A break above these levels would indicate a stronger bullish momentum, potentially leading to further gains. Conversely, immediate support is found at $1.07897, followed by $1.07669 and $1.07386. Falling below these support levels could signal a bearish reversal.

Technical indicators provide additional insights into the market conditions. The Relative Strength Index (RSI) is at 66, suggesting that the market is nearing overbought territory but still has room for further upward movement. The 50-day Exponential Moving Average (EMA) is at $1.07843, which aligns closely with the current price, reinforcing the medium-term bullish trend.

The overall technical outlook for EUR/USD remains bullish above the pivot point of $1.08140. A break above this level could encourage more buying interest, targeting the immediate resistance levels. However, if the pair fails to maintain above the pivot point, it may test the immediate support levels, leading to potential downside risks.

In conclusion, the recommended entry price for a buy is at $1.08150, with a take profit target at $1.08415 and a stop loss at $1.08000.

EUR/USD - Trade Ideas

Entry Price – Buy Limit 1.08150

Take Profit – 1.08415

Stop Loss – 1.08000

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$265/ -$150

Profit & Loss Per Mini Lot = +$26/ -$15