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

Daily Price Outlook

- EUR/USD is trading at $1.08814, up 0.10%, with a key pivot point at $1.0905.

- Immediate resistance levels are at $1.0895, $1.0913, and $1.0932; support levels are at $1.0854, $1.0836, and $1.0816.

- RSI at 60 suggests room for upward movement; 50-day EMA at $1.0852 supports bullish trend.

EUR/USD is currently trading at $1.08814, up 0.10% for the day. The 4-hour chart highlights the pivot point at $1.0905, a crucial level for determining near-term price action.

Immediate resistance is observed at $1.0895, followed by $1.0913 and $1.0932. On the downside, immediate support lies at $1.0854, with further support at $1.0836 and $1.0816.

The Relative Strength Index (RSI) is at 60, suggesting that the pair is in a neutral zone with a slight bullish bias. The 50-day Exponential Moving Average (EMA) is positioned at $1.0852, which supports the bullish outlook.

This level acts as a dynamic support, indicating that the current upward momentum may continue as long as the price remains above it.

Traders should watch the pivot point at $1.0905 closely. A break above this level could propel the EUR/USD towards the immediate resistance at $1.0895 and potentially higher towards $1.0913 and $1.0932.

Conversely, if the pair fails to sustain above the pivot point, it may retrace towards the immediate support at $1.0854, and further down to $1.0836 and $1.0816.

The market sentiment appears to be cautiously optimistic with a tendency towards further appreciation of the euro.

The RSI value of 60 indicates that there is still room for upward movement before entering overbought territory. Meanwhile, the 50 EMA at $1.0852 serves as a robust support level that traders can rely on to gauge the strength of the current trend.

In this scenario, the recommended strategy is to buy above $1.08730, with a take profit level at $1.09051 and a stop loss at $1.08554. In conclusion, EUR/USD remains bullish as long as it stays above the $1.0905 pivot point.

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.08730

Take Profit – 1.09051

Stop Loss – 1.08554

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$321/ -$176

Profit & Loss Per Mini Lot = +$32/ -$17