EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD faces key resistance at $1.08692, with a breakout needed for a bullish shift.
- Breaching $1.08291 could pave the way for a move down to $1.07712.
- RSI at 59 shows moderate bullish momentum, but resistance caps further gains.
EUR/USD is trading at $1.08213, down by 0.06% as the currency pair struggles to maintain momentum near the $1.08465 pivot point. Immediate support stands at $1.08291, a level crucial for short-term sentiment. Should EUR/USD breach this level, it could extend the bearish move toward the immediate support target of $1.07712, with a further downside likely to test $1.07486 if selling pressure intensifies.
On the upside, EUR/USD will face strong resistance at $1.08692, a level reinforced by the 50-day EMA, which is currently sitting at $1.08092. This EMA acts as a significant pivot, potentially limiting any bullish moves unless there is a sustained break above it. Additional resistance can be found at $1.08880, providing a key barrier for bullish sentiment should the pair reverse.
The RSI reading of 59 signals modestly bullish momentum, suggesting the pair may be on the verge of testing higher resistance levels. However, the bearish pressure currently weighs heavier as the price action remains below the pivotal $1.08465 level. Traders may want to consider a short position below $1.08288, with a take-profit target of $1.07976 and a stop-loss at $1.08465.
EUR/USD - Trade Ideas
Entry Price – Sell Below 1.08288
Take Profit – 1.07976
Stop Loss – 1.08465
Risk to Reward – 1: 1.7
Profit & Loss Per Standard Lot = +$312/ -$177
Profit & Loss Per Mini Lot = +$31/ -$17
EUR/USD Price Analysis – Oct 25, 2024
Daily Price Outlook
During the European trading session, the EUR/USD currency pair is steady around 1.0830, continuing its recovery from Thursday. This rise is mainly due to a drop in the US Dollar. However, the Euro's gains may not last as the latest preliminary PMI report shows that economic activity in the Eurozone is still struggling, with the flash Composite PMI falling to 49.7 in October.
Meanwhile, the manufacturing sector has been contracting for 28 months, remaining below the key 50 mark. Although the service sector saw some growth, it was slower than expected. This ongoing decline in business activity raises concerns about the Eurozone's economic growth, leaving many unsure about the future.
Eurozone Economic Decline and ECB Rate Cut Speculation Weigh on Euro, Impacting EUR/USD Pair
As we mentioned, the gains in the shared currency might be short-lived as the latest PMI report indicates that the Eurozone's economic activity continues to decline. The flash Composite PMI dropped to 49.7 in October, showing that the manufacturing sector has been shrinking for 28 months, remaining below the crucial 50 mark that signals growth.
Although the service sector saw some unexpected growth, it was slower than hoped. This ongoing decline in business activity raises concerns about the Eurozone's economic future. Furthermore, there is increasing speculation that the European Central Bank (ECB) may implement a larger-than-usual interest rate cut in its December meeting, which could further weigh down the Euro.
This year, the ECB has already lowered its Deposit Facility Rate three times by 25 basis points, bringing it to 3.25%. Market expectations are now leaning towards a potential 50 basis point cut in December, fueled by comments from some ECB policymakers who expressed concerns about inflation staying below the bank's 2% target.
Mario Centeno, the Governor of the Bank of Portugal and an ECB policymaker noted that a 50 basis point cut is a possibility and warned of growing risks to economic growth.
Meanwhile, data released on Friday showed that the German IFO Business Climate, Current Assessment, and Expectations for October were better than expected. However, improving sentiment may not lead to a significant economic revival due to overall weak business activity.
Therefore, the ongoing decline in Eurozone economic activity and speculation of a larger interest rate cut by the ECB could weaken the Euro, putting downward pressure on the EUR/USD pair. This uncertainty may lead to increased volatility and potential losses for Euro traders.
US Dollar Recovery Supported by Fed Expectations and Economic Data, Impacting EUR/USD Pair
On the US front, the broad-based US Dollar is seeing a recovery, supported by several factors, including growing expectations that the Federal Reserve (Fed) will take a gradual approach to cutting interest rates and increasing hopes that former President Donald Trump could win the upcoming presidential election against Vice President Kamala Harris.
Investor confidence in the Fed's cautious policy is bolstered by positive economic data, including strong Nonfarm Payrolls (NFP) and Retail Sales figures for September, as well as better-than-expected flash S&P Global PMI data for October, indicating sustainable economic growth.
Moving ahead, attention will turn to the US Durable Goods Orders data for September, set to be released at 12:30 GMT, which is expected to show a decline of 1% after remaining unchanged in August.
EUR/USD – Technical Analysis
EUR/USD is trading at $1.08213, down by 0.06% as the currency pair struggles to maintain momentum near the $1.08465 pivot point. Immediate support stands at $1.08291, a level crucial for short-term sentiment.
Should EUR/USD breach this level, it could extend the bearish move toward the immediate support target of $1.07712, with a further downside likely to test $1.07486 if selling pressure intensifies.
On the upside, EUR/USD will face strong resistance at $1.08692, a level reinforced by the 50-day EMA, which is currently sitting at $1.08092. This EMA acts as a significant pivot, potentially limiting any bullish moves unless there is a sustained break above it.
Additional resistance can be found at $1.08880, providing a key barrier for bullish sentiment should the pair reverse.
The RSI reading of 59 signals modestly bullish momentum, suggesting the pair may be on the verge of testing higher resistance levels. However, the bearish pressure currently weighs heavier as the price action remains below the pivotal $1.08465 level.
Traders may want to consider a short position below $1.08288, with a take-profit target of $1.07976 and a stop-loss at $1.08465.
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EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD pivot point at $1.08117 signals indecision; short-term breakouts possible.
- Immediate resistance is at $1.08309; a push above this level could lead to $1.08475.
- RSI at 36 and prices below the 50-day EMA suggest mild bearish momentum.
From a technical perspective, EUR/USD is trading just below its pivot point of $1.08117, signaling indecision in the market and the potential for a breakout in either direction.
Immediate resistance is found at $1.08309, followed by $1.08475, and a stronger level at $1.08698. A breach of these resistance levels may trigger a broader upward move, but current momentum remains subdued.
On the downside, immediate support sits at $1.07920, with additional levels at $1.07712 and $1.07486. A break below $1.07920 would likely signal renewed selling pressure, pushing the pair toward these lower support levels.
The Relative Strength Index (RSI) is at 36, indicating mild bearish momentum, as EUR/USD remains in a consolidative phase. The 50-day Exponential Moving Average (EMA), currently at $1.08344, suggests that prices are trading below a critical threshold, reinforcing the short-term bearish outlook.
For traders, a short position could be considered if EUR/USD drops below $1.08179, with a target at $1.07716 and a stop-loss at $1.08478 to manage upside risks.
EUR/USD - Trade Ideas
Entry Price – Sell Below 1.08179
Take Profit – 1.07716
Stop Loss – 1.08478
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$463/ -$299
Profit & Loss Per Mini Lot = +$46/ -$29
EUR/USD Price Analysis – Oct 23, 2024
Daily Price Outlook
During the European trading session, the EUR/USD pair failed to stop its downward trend and remains under pressure due to a faster-than-expected decline in inflation and increasing concerns over a potential downturn in the Eurozone economy, leading to speculation about further interest rate cuts by the European Central Bank (ECB).
Concurrently, the US dollar has strengthened, driven by various factors, including political uncertainty ahead of the upcoming US presidential election and expectations that the Federal Reserve’s (Fed) policy-easing cycle will proceed more gradually than anticipated. Investors will be particularly focused on the Fed’s Beige Book, set to be released on Wednesday at 18:00 GMT, along with speeches from several Fed and ECB members, including President Lagarde.
EUR Under Pressure as Inflation Declines and ECB Rate Cut Speculation Grows
On the EUR front, the outlook for the Euro (EUR) has worsened due to a faster-than-expected decline in inflation and rising concerns about a potential downturn in the Eurozone economy. This situation has sparked speculation about more interest rate cuts by the European Central Bank (ECB), which has already lowered its Deposit Facility Rate three times this year. Many traders expect another cut in December, prompting discussions about what level of borrowing rates would effectively control inflation while also encouraging economic growth.
Recently, some ECB officials have debated whether to lower interest rates below the so-called neutral rate, which is estimated to be around 2% to 2.25%. Lithuanian central bank governor Gediminas Šimkus highlighted concerns about inflation potentially staying too low, suggesting that if disinflation continues, rates may drop below natural levels.
Meanwhile, ECB President Christine Lagarde expressed confidence that inflation would return to the bank’s target of 2% by 2025, earlier than expected. She noted that while the direction of monetary policy is clear, the pace of future interest rate cuts will depend on incoming economic data.
Therefore, the worsening outlook for the Euro and expectations of further ECB rate cuts are likely to keep the EUR/USD pair under pressure. A weaker Euro combined with a stronger US dollar could lead to continued declines in the EUR/USD exchange rate.
US Dollar Strength Pressures EUR/USD Amid Political Uncertainty and Fed Expectations
On the US front, the broad-based US dollar (USD) is gaining strength, pushing the EUR/USD pair down to near 1.0780 level. However, this strength in the dollar is fueled by political uncertainty ahead of the upcoming US presidential election and expectations that the Federal Reserve (Fed) will adopt a more gradual approach to any policy easing than previously thought.
Market sentiment has shifted due to increasing bets that former President Donald Trump could win the election, scheduled in less than two weeks. While recent polls show Vice President Kamala Harris with a slight lead, a Trump victory could lead to higher tariffs and lower taxes, potentially pushing the Fed to adopt a more restrictive policy stance.
Currently, markets anticipate two 25 basis point interest rate cuts from the Fed in November and December. However, analysts suggest that the Fed is unlikely to implement another large rate cut like the one in September, especially since recent Nonfarm Payrolls (NFP) data indicates that labor demand remains strong. Investors are closely watching the Fed’s Beige Book release at 18:00 GMT, along with speeches from Fed and ECB officials, including President Lagarde.
Therefore, the strengthening US dollar, driven by political uncertainty and expectations of gradual Fed policy easing, is likely to continue putting downward pressure on the EUR/USD pair.
EUR/USD – Technical Analysis
From a technical perspective, EUR/USD is trading just below its pivot point of $1.08117, signaling indecision in the market and the potential for a breakout in either direction.
Immediate resistance is found at $1.08309, followed by $1.08475, and a stronger level at $1.08698. A breach of these resistance levels may trigger a broader upward move, but current momentum remains subdued.
On the downside, immediate support sits at $1.07920, with additional levels at $1.07712 and $1.07486. A break below $1.07920 would likely signal renewed selling pressure, pushing the pair toward these lower support levels.
The Relative Strength Index (RSI) is at 36, indicating mild bearish momentum, as EUR/USD remains in a consolidative phase. The 50-day Exponential Moving Average (EMA), currently at $1.08344, suggests that prices are trading below a critical threshold, reinforcing the short-term bearish outlook.
For traders, a short position could be considered if EUR/USD drops below $1.08179, with a target at $1.07716 and a stop-loss at $1.08478 to manage upside risks.
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EUR/USD Price Analysis – Oct 21, 2024
Daily Price Outlook
During the European trading session, the EUR/USD pair is struggling to maintain its gains from the previous week and turned bearish on Monday, trading around the 1.0857 level and reaching an intra-day low of 1.0846. However, this downward trend is likely to continue, driven by the expectation that the US dollar will strengthen as modest rate cuts by the Federal Reserve (Fed) support higher US Treasury yields.
Moreover, the declines in the pair will likely accelerate as investors anticipate further interest rate easing by the European Central Bank (ECB). Market participants will closely monitor the upcoming two-day speech by ECB President Christine Lagarde, starting Tuesday.
Bearish Outlook for EUR/USD Amid ECB Rate Cut Expectations
As we mentioned above, the EUR/USD pair could face further selling pressure as investors think the European Central Bank (ECB) will cut interest rates again. The Eurozone’s economic growth is slowing, and inflation is below the ECB’s target of 2%. Many believe the bank will lower borrowing rates in December. Meanwhile, Estonian central bank Governor Madis Müller mentioned that weak economic growth could lead to lower inflation. The ECB’s recent survey also lowered next year's inflation forecast to 1.9%, down from 2%.
Moreover, Gediminas Šimkus, a member of the ECB Governing Council, shared a cautious view on interest rates. He said that if disinflation continues, rates might go below what’s considered normal. Investors will be paying close attention to ECB President Christine Lagarde’s two-day speech starting Tuesday. After the recent 25 basis point rate cut, Lagarde didn’t provide a clear plan for future rates, saying that decisions will depend on new economic data.
Therefore, the expectation of further interest rate cuts by the ECB, combined with slowing economic growth and lower inflation forecasts, is likely to weaken the EUR/USD pair.
US Dollar Strengthens Amid Rate Cut Expectations and Upcoming Elections
On the US front, the US dollar maintained its upward trend and recently reached an 11-week high near 104.00. Traders are feeling positive about the dollar's future, believing the Federal Reserve (Fed) will slowly lower interest rates. Data from the CME FedWatch tool shows that the market expects the Fed to cut rates by a total of 50 basis points this year, with 25 basis points likely in both November and December.
Meanwhile, the expectations for a slower rate-cutting approach from the Fed have grown after strong US economic data for September. Investors will be looking closely at the preliminary S&P Global Purchasing Managers’ Index (PMI) data for October, set to be released on Thursday.
Moreover, the US dollar could see some ups and downs as the presidential elections get closer. Recent polls indicate that Democratic candidate and current Vice President Kamala Harris is ahead of Republican nominee and former President Donald Trump.
EUR/USD – Technical Analysis
EUR/USD is currently trading around $1.0861, reflecting a slight downward trend of 0.04%.
On the 2-hour chart, EUR/USD faces a key resistance level around $1.0869, corresponding to the 50-period Exponential Moving Average (EMA), which continues to act as a barrier for upward momentum. Recent trading sessions indicate a slight recovery attempt in EUR/USD, bouncing off from its immediate support at $1.0835. However, price action remains constrained below a descending trendline, suggesting ongoing selling pressure.
The Relative Strength Index (RSI) at 45.13 reflects neutral conditions, with slight bearish momentum. This signals potential room for further decline if selling pressure persists. Any failure to clear the immediate resistance could lead to renewed downward movement.
If EUR/USD breaks below $1.0868, it would face the next support level at $1.0813, followed by a critical base at $1.0794. On the upside, clearing the immediate resistance would open the door to $1.0894, followed by another key hurdle at $1.0916.
Conclusion:
If EUR/USD fails to surpass the $1.0869 resistance level, traders may consider selling below $1.0868, targeting $1.0813 as the next key support. However, a stop-loss should be placed above $1.0894 to manage risk.
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EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD faces resistance at $1.0869, indicating potential downward pressure in the near term.
- Key support at $1.0835 suggests cautious buying interest around this level.
- RSI at 45.13 indicates neutral momentum, with potential downside if resistance holds firm.
EUR/USD is currently trading around $1.0861, reflecting a slight downward trend of 0.04%.
On the 2-hour chart, EUR/USD faces a key resistance level around $1.0869, corresponding to the 50-period Exponential Moving Average (EMA), which continues to act as a barrier for upward momentum. Recent trading sessions indicate a slight recovery attempt in EUR/USD, bouncing off from its immediate support at $1.0835. However, price action remains constrained below a descending trendline, suggesting ongoing selling pressure.
The Relative Strength Index (RSI) at 45.13 reflects neutral conditions, with slight bearish momentum. This signals potential room for further decline if selling pressure persists. Any failure to clear the immediate resistance could lead to renewed downward movement.
If EUR/USD breaks below $1.0868, it would face the next support level at $1.0813, followed by a critical base at $1.0794. On the upside, clearing the immediate resistance would open the door to $1.0894, followed by another key hurdle at $1.0916.
Conclusion:
If EUR/USD fails to surpass the $1.0869 resistance level, traders may consider selling below $1.0868, targeting $1.0813 as the next key support. However, a stop-loss should be placed above $1.0894 to manage risk.
EUR/USD - Trade Ideas
Entry Price – Sell Below 1.08677
Take Profit – 1.08137
Stop Loss – 1.08942
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$540/ -$265
Profit & Loss Per Mini Lot = +$54/ -$26
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Pivot point at $1.0848 remains critical for determining the next direction.
- The 50-day EMA at $1.0877 acts as a strong resistance level.
- RSI at 39 suggests mildly oversold conditions, but further downside remains possible.
The EUR/USD pair is trading slightly higher today, up 0.11% at $1.08375. The market is hovering below the key pivot point at $1.0848, which serves as a critical level for short-term direction. Immediate resistance is seen at $1.0868, followed by higher resistance levels at $1.0892 and $1.0916. A break above these levels could signal further bullish momentum for the euro against the dollar, with buyers targeting the next resistance zones.
On the downside, immediate support is at $1.0811, with further support levels at $1.0794 and $1.0779. A sustained move below these support areas could push EUR/USD into a deeper correction, where a more bearish outlook would prevail.
The 50-day Exponential Moving Average (EMA) at $1.0877 is acting as a resistance level, keeping the euro in check. Meanwhile, the Relative Strength Index (RSI) is currently at 39, indicating mildly oversold conditions but not yet signaling a significant reversal. Given this context, traders are likely watching for a potential breakdown below the pivot point to enter short positions.
A selling opportunity arises below $1.08488, with a take-profit target set at $1.07941. A stop loss should be placed at $1.08766 to manage risk, as a break above the 50-day EMA would invalidate the bearish setup.
EUR/USD - Trade Ideas
Entry Price – Sell Below 1.08488
Take Profit – 1.07941
Stop Loss – 1.08766
Risk to Reward – 1: 1.9
Profit & Loss Per Standard Lot = +$547/ -$278
Profit & Loss Per Mini Lot = +$54/ -$27
EUR/USD Price Analysis – Oct 16, 2024
Daily Price Outlook
During the European trading session on Wednesday, the EUR/USD currency pair continued its downward trend, falling to around 1.0880. The Euro (EUR) is struggling amid growing expectations that the European Central Bank (ECB) will lower interest rates again on Thursday. This outlook has put significant pressure on the major currency pair.
At the same time, the US dollar has been on a strong upswing over the past few weeks, contributing to the Euro's decline. The US Dollar Index, which measures the Greenback against six major currencies, climbed to approximately 103.40. Traders are increasingly confident that the US Federal Reserve (Fed) will gradually reduce interest rates for the rest of the year, further bolstering the Dollar's strength.
EUR/USD Declines as ECB Rate Cut Expectations and Economic Concerns Weigh on the Euro
On the EUR front, the EUR/USD currency pair has dropped due to expectations that the European Central Bank (ECB) will cut interest rates again on Thursday. Analysts predict the ECB will lower its Rate on Deposit Facility by 25 basis points to 3.25%, marking the second consecutive rate cut. Investors are closely watching the monetary policy statement and ECB President Christine Lagarde’s press conference for insights into the future of interest rates.
Lagarde is likely to take a dovish stance, as inflation pressures in the Eurozone seem to be easing, while concerns about an economic slowdown are growing. Preliminary data shows that the Eurozone's Harmonized Index of Consumer Prices (HICP) fell to 1.8% in September.
Moreover, recent estimates for the Consumer Price Index (CPI) in France and Italy indicate lower-than-expected inflation. Compounding these concerns, speculation about former US President Donald Trump potentially winning the upcoming US presidential elections has raised worries about the EU’s export outlook. If Trump wins, tariffs on automotive imports to the US could increase, negatively impacting exports from Europe and further slowing economic growth.
Therefore, the anticipated rate cut by the ECB and easing inflation pressures are likely to weaken the Euro further, contributing to the EUR/USD pair's decline. In the meantime, concerns over potential tariffs from a Trump presidency could negatively affect EU exports, exacerbating Euro weakness.
US Dollar Strengthens as Fed Signals Gradual Rate Cuts and Retail Sales Data Looms
On the US front, the EUR/USD pair is facing pressure due to the strong performance of the US Dollar in recent weeks. The US Dollar Index (DXY), which measures the Greenback against six major currencies, has risen to nearly 103.40. The Dollar is gaining strength as traders expect the US Federal Reserve (Fed) to gradually lower interest rates for the rest of the year.
Analysts believe the Fed will shift from an "aggressive" to a "moderate" policy-easing approach, especially after strong Nonfarm Payrolls (NFP) data and the US Services Purchasing Managers Index (PMI) showed growth, along with rising price pressures in September.
However, Fed Governor Christopher Waller has warned against rushing into interest rate cuts. In a recent speech, he mentioned that while he anticipates gradual rate reductions over the next year, the labor market remains healthy even as demand for workers is slowing.
Looking ahead, the next important indicator for the US Dollar will be the Retail Sales data for September, set to be released on Thursday. Economists predict a 0.3% increase in Retail Sales after a modest rise of 0.1% in August, which could further influence the Dollar's trajectory.
EUR/USD – Technical Analysis
EUR/USD is trading at $1.08798, down 0.09%, as the pair remains under mild bearish pressure. The price has dropped below the pivot point of $1.0892, indicating a continued downtrend.
Immediate resistance is seen at $1.0916, with further resistance levels at $1.0933 and $1.0952. On the downside, key support is located at $1.0866, followed by $1.0852 and $1.0837. If the pair breaks below these levels, further downside movement could follow.
The Relative Strength Index (RSI) is currently at 35, suggesting that while the pair is approaching oversold territory, there is still room for additional downward movement.
The 50-period Exponential Moving Average (EMA) at $1.0917 is acting as a dynamic resistance, reinforcing the bearish bias as long as the price stays below this level.
The overall trend appears bearish, with a potential for further declines if key support levels are breached.
Traders may consider entering short positions below $1.08922, with a target of $1.08570, and a stop loss at $1.09160 to protect against any upside reversal. The combination of the bearish trend and a low RSI suggests the possibility of continued weakness in the near term.
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EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD remains under pressure, trading below the pivot point of $1.0892, with potential for further declines.
- RSI at 35 signals approaching oversold territory, but still room for additional downside.
- The 50-period EMA at $1.0917 reinforces bearish sentiment, with the pair struggling to break higher.
EUR/USD is trading at $1.08798, down 0.09%, as the pair remains under mild bearish pressure. The price has dropped below the pivot point of $1.0892, indicating a continued downtrend.
Immediate resistance is seen at $1.0916, with further resistance levels at $1.0933 and $1.0952. On the downside, key support is located at $1.0866, followed by $1.0852 and $1.0837. If the pair breaks below these levels, further downside movement could follow.
The Relative Strength Index (RSI) is currently at 35, suggesting that while the pair is approaching oversold territory, there is still room for additional downward movement.
The 50-period Exponential Moving Average (EMA) at $1.0917 is acting as a dynamic resistance, reinforcing the bearish bias as long as the price stays below this level.
The overall trend appears bearish, with a potential for further declines if key support levels are breached.
Traders may consider entering short positions below $1.08922, with a target of $1.08570, and a stop loss at $1.09160 to protect against any upside reversal. The combination of the bearish trend and a low RSI suggests the possibility of continued weakness in the near term.
EUR/USD - Trade Ideas
Entry Price – Sell Below 1.08922
Take Profit – 1.08570
Stop Loss – 1.09160
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$352/ -$238
Profit & Loss Per Mini Lot = +$35/ -$23
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- EUR/USD faces strong resistance at $1.09480, the 50-day EMA level.
- RSI at 44 suggests neutral momentum with room for further movement.
- Key support at $1.09135 may lead to bearish pressure if broken.
The EUR/USD pair is trading at $1.09268, down 0.08% as it flirts with its immediate pivot point of $1.09220. The euro faces resistance at $1.09389, and a break above this level could trigger further bullish momentum toward the next resistance levels of $1.09522 and $1.09673.
On the downside, immediate support is found at $1.09135, with further support at $1.08997 and $1.08868, which will likely serve as key zones to watch if bearish pressure intensifies.
Technically, the 50-day Exponential Moving Average (EMA) at $1.09480 is providing strong resistance and could be a critical point in determining whether the pair moves higher or faces rejection. A failure to break above the 50-day EMA might suggest that further downside is likely in the near term.
The Relative Strength Index (RSI) is currently sitting at 44, indicating neutral momentum. This suggests that the pair has room to move in either direction, depending on upcoming market developments.
Traders may look to buy above $1.09221, with a take-profit target of $1.09492, aligning with resistance zones. A stop-loss at $1.09070 will help limit downside risk if EUR/USD slips below its immediate support level.
In conclusion, while EUR/USD remains in a neutral position, any break above or below the pivot point at $1.09220 will dictate its short-term direction. The pair’s ability to hold above or breach the 50-day EMA will be pivotal in determining its next move.
EUR/USD - Trade Ideas
Entry Price – Buy Above 1.09221
Take Profit – 1.09492
Stop Loss – 1.09070
Risk to Reward – 1: 1.7
Profit & Loss Per Standard Lot = +$271/ -$151
Profit & Loss Per Mini Lot = +$27/ -$15