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

Daily Price Outlook

- EUR/USD is trading at $1.06927, down 0.19%, indicating continued bearish pressure.

- The pivot point at $1.0699 is critical for determining further market direction.

- RSI at 36 and 50-day EMA at $1.0712 highlight a bearish sentiment and resistance.

The EUR/USD pair is currently trading at $1.06927, reflecting a decline of 0.19%. The 4-hour chart highlights a pivot point at $1.0699, which serves as a crucial indicator for the pair's direction. Immediate resistance levels are noted at $1.0716, $1.0727, and $1.0745, while immediate support is found at $1.0672, followed by $1.0655 and $1.0641.

The Relative Strength Index (RSI) is positioned at 36, suggesting a bearish momentum in the market. Additionally, the 50-day Exponential Moving Average (EMA) at $1.0712 indicates a resistance level close to the current price, reinforcing the bearish outlook.

The technical indicators suggest that EUR/USD remains under pressure, with a bearish trend below the pivot point of $1.0699. A break below this level could trigger further declines towards the immediate support at $1.0672, and potentially lower towards $1.0655 and $1.0641.

Conversely, if the pair manages to break above the immediate resistance at $1.0716, it could signal a shift towards a bullish trend, targeting higher resistance levels at $1.0727 and $1.0745.

For traders, the recommended strategy is to sell below $1.06982, aiming for a take profit at $1.06762, with a stop loss set at $1.07109.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.06982

Take Profit – 1.06762

Stop Loss – 1.07109

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$220/ -$127

Profit & Loss Per Mini Lot = +$22/ -$12