Cyclists have been thrown off their bikes at the blackspot near Haymarket railway station, after their wheels were caught in tram tracks.
A 12-year-old boy hit his head and needed medical treatment after coming off his bike while crossing tram tracks near the main taxi rank on Haymarket Terrace, and there are fears that falls on the stretch of tram line could result in a fatality.
The city council's measures include a road safety audit and extra signs warning cyclists to use a marked bike route and cross the tracks at 90 degrees.
Measures may also be taken to prevent large queues of taxis in the area, which cyclists claim force them to dangerously weave into traffic and across tram lines at an unsafe angle, while taxi facilities in closer proximity to the railway station could be extended.
City transport convener Councillor Lesley Hinds, who has visited the section, said: "We've been monitoring the area closely since it came back into public use and listening to the concerns of cyclists and taxi drivers.
"It's clear that we need to make some changes in the short term that will improve the situation for cyclists who pass through the area.
"The most important message for cyclists is to cross the tracks as close to a right angle as possible and to take extra care to avoid getting wheels caught in between the rail grooves."