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

Daily Price Outlook

- Critical Levels: Pivot at 1.06053; resistance at 1.06545; support at 1.05221.

- RSI at 61: Signals caution with the pair nearing overbought conditions, hinting at possible consolidation.

- Technical Setup: Below 1.06053 indicates bearish momentum; above 1.06545 confirms bullish recovery.

EUR/USD is trading at 1.05769, down 0.08%, showing mild bearish momentum as it approaches the key pivot point at 1.06053. Despite the slight decline, the pair remains supported by broader market sentiment favoring a weaker dollar amid cautious optimism surrounding global economic conditions.

The Relative Strength Index (RSI) at 61 indicates a near-overbought zone, suggesting the potential for short-term consolidation.

On the upside, immediate resistance is seen at 1.06545, followed by 1.06927 and 1.07292, marking key levels to confirm further bullish momentum.

Conversely, support is positioned at 1.05221, with additional cushions at 1.04738 and 1.04254, where traders may look for stabilization if selling pressure intensifies.

The 50-day EMA at 1.05306 provides robust near-term support, reinforcing the broader outlook. A decisive break below 1.06053 could trigger selling pressure, targeting support at 1.05221 and lower.

However, regaining ground above the pivot point may signal a recovery, with a breakout above 1.06545 opening the path to higher resistance zones.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.05909

Take Profit – 1.05238

Stop Loss – 1.06409

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$671/ -$500

Profit & Loss Per Mini Lot = +$67/ -$50