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

Daily Price Outlook

- EUR/USD faces immediate resistance at $1.03720, with further upside barriers at $1.04338 and $1.05030, while support stands at $1.02406, $1.01867, and $1.01288.

- The pair is trading slightly above the 50-day EMA at $1.02841, hinting at a cautious bullish stance unless a decisive break below occurs.

- A sell strategy below $1.03304 is favored, with a take-profit target at $1.02405 and a stop-loss at $1.03851 to manage potential reversals.

EUR/USD is trading at $1.03055, up 0.38%, as the pair hovers around key technical levels amid cautious sentiment in the forex market. The pair has been attempting to recover from recent lows, but upside momentum remains constrained by overhead resistance levels.

On the 4-hour chart, the immediate pivot point stands at $1.03295, a critical threshold that the pair is currently testing. A decisive move above this level could open the door to further gains, with immediate resistance at $1.03720, followed by secondary hurdles at $1.04338 and $1.05030.

However, failure to sustain momentum above the pivot point may reinforce downside pressure, with key support levels at $1.02406, followed by $1.01867, and deeper support at $1.01288, which could act as potential rebound zones.

From a technical perspective, the 50-day EMA, currently positioned at $1.02841, suggests a mildly bullish bias, with prices hovering slightly above it. This could indicate short-term buying interest, but a sustained break below the EMA may signal renewed bearish pressure.

In conclusion, a short position below $1.03304 could offer a favorable risk-reward setup, targeting $1.02405 for take-profit, with a stop-loss placed at $1.03851, ensuring protection against potential upward spikes.

Traders are advised to monitor market sentiment closely, as upcoming economic data releases and geopolitical developments could introduce volatility.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.03304

Take Profit – 1.02405

Stop Loss – 1.03851

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$899/ -$547

Profit & Loss Per Mini Lot = +$89/ -$54