EUR/USD Price Analysis: The first bullish target is in the 1.0710-1.0715 area

• EUR/USD is flat around 1.0700 in the early stages of the European session on Wednesday.
• The pair maintains bearish vibrations below the key EMA.
• The first bullish barrier is observed in the area of ​​1.0710-1.0715; The first bearish objective is located at 1.0638.

EUR/USD is trading flat around 1.0700 at the European open, but has gained ground for the fourth day in a row after hitting twelve-day highs at 1.0714 in the Asian session. The pair's recovery is helped by the US PMI data for April, which weighed on the Dollar. Later, the IFO index of business climate and expectations for Germany will be published. On the US agenda, durable goods orders for March will be published.

Technically, the EUR/USD bearish trend remains intact on the four-hour chart as the pair is below the key 100 EMA. In case the pair crosses above the key 100 EMA, it will resume its uptrend. It is worth noting that the Relative Strength Index (RSI) is in bullish territory around 66, suggesting that further rises cannot be ruled out.

A decisive break above the upper boundary of the Bollinger Bands and the 100 EMA in the 1.0710-1.0715 area will lead to a rally to the April 11 high of 1.0756. The next key bullish barrier lies at the confluence of a March 22 low and a psychological level at 1.0800. Another bullish filter to watch is the April 4 high at 1.0875.

On the other hand, the first bearish target is near the April 23 low at 1.0638. Continued selling below this level will lead to a drop to the lower boundary of the Bollinger Bands at 1.0625. If this level is broken, the November 2 low at 1.0565 will be reached.

EUR/USD four-hour chart