EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD must hold above the pivot point at $1.03904 to sustain bullish momentum.
- Resistance levels at $1.04339 and $1.04844 remain key hurdles for further upside potential.
- A break below $1.03428 could expose the pair to further downside, testing the 50-day EMA at $1.03375.
The EUR/USD pair is trading at $1.04117, down 0.12%, as the currency pair navigates a cautious market environment amid evolving macroeconomic conditions. The price remains slightly above the pivot point at $1.03904, which acts as a critical level for near-term directional bias.
A sustained move above this level could bolster bullish sentiment, targeting immediate resistance at $1.04339, with subsequent levels at $1.04844 and $1.05352. However, failure to break above the resistance zones may limit upside momentum, keeping the pair within a consolidation phase.
On the downside, immediate support is seen at $1.03428, followed by key support at $1.02906 and $1.02388. A break below these levels could invite further selling pressure, potentially driving the pair toward lower support zones and increasing bearish sentiment in the market.
The 50-day EMA, currently at $1.03375, is providing a key dynamic support level, reinforcing the significance of maintaining levels above $1.03910 to sustain a bullish outlook.
From a technical perspective, the pair remains in a neutral to slightly bullish trend, with buyers expected to step in above $1.03910, targeting $1.04636 as a near-term profit objective.
However, downside risks persist, with a stop-loss level at $1.03388 to mitigate potential losses. Traders should watch for upcoming economic releases and market sentiment shifts that could influence price action.
EUR/USD - Trade Ideas
Entry Price – Buy Above 1.03910
Take Profit – 1.04636
Stop Loss – 1.03388
Risk to Reward – 1: 1.3
Profit & Loss Per Standard Lot = +$726/ -$522
Profit & Loss Per Mini Lot = +$72/ -$52
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