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

Daily Price Outlook

- EUR/USD faces resistance at $1.04971; a break above could fuel bullish momentum.

- The pair remains supported above the 50 EMA at $1.04269, signaling possible upward movement.

- A break below $1.03971 support could push the pair lower toward $1.03515.

The EUR/USD pair is experiencing downward pressure, currently trading at $1.04591, marking a 0.32% decline for the session. The pair has struggled to hold above the pivot point at $1.04471, which serves as a key level for directional bias.

A sustained move above this level could trigger renewed bullish momentum, with immediate resistance standing at $1.04971. Further upside potential is seen at $1.05329 and $1.05682 if bullish sentiment persists.

On the downside, the pair faces immediate support at $1.03971, with additional cushions at $1.03515 and $1.03012. A break below these levels could intensify selling pressure, pushing EUR/USD into a deeper correction phase.

The broader market sentiment remains cautious as investors await key economic data from the Eurozone and the U.S., particularly inflation reports and central bank commentary, which could drive volatility in the pair.

Technical indicators suggest a neutral to bullish outlook, with the 50-day EMA positioned at $1.04269, providing dynamic support.

If the pair maintains strength above this moving average, it could signal further buying interest. However, failure to sustain above $1.04470 might invite sellers back into the market.

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.04470

Take Profit – 1.04967

Stop Loss – 1.04100

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$497/ -$370

Profit & Loss Per Mini Lot = +$49/ -$370