EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Cautious Bullish Momentum: EUR/USD remains cautiously bullish above the pivot point at $1.04553 and the 50 EMA at $1.04518.
- Critical Resistance Levels: Watch for a breakout above $1.05290 to target $1.05673 and $1.06076.
- Support Levels: Key support at $1.04075 and $1.03556; a break below could signal a bearish reversal.
EUR/USD is trading at $1.04827, showing slight downward movement but maintaining support above the pivot point at $1.04553. This level is crucial as it aligns closely with the 50 EMA at $1.04518, providing a key support zone.
The technical outlook remains cautiously bullish above this level. If EUR/USD can break above the immediate resistance at $1.05290, it may target the next resistance at $1.05673, with a potential extension to $1.06076.
However, if prices fall below the pivot point, the first support is at $1.04075, followed by $1.03556 and $1.03157. A break below the 50 EMA could signal a bearish shift, increasing selling pressure. The overall outlook remains bullish as long as EUR/USD trades above $1.04553 and the 50 EMA, but a breakdown below these levels could signal a bearish reversal.
Traders should watch for a decisive breakout above $1.05290 for bullish continuation, while a drop below $1.04553 may indicate a bearish pullback.
EUR/USD - Trade Ideas
Entry Price – Buy Above 1.04549
Take Profit – 1.05296
Stop Loss – 1.04153
Risk to Reward – 1: 1.8
Profit & Loss Per Standard Lot = +$747/ -$396
Profit & Loss Per Mini Lot = +$74/ -$39
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