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

EUR/USD

Panorama
Today's Latest Price 1.07
Today's Daily Change -0.0002
Today's Daily Change % -0.02
Today's Daily Opening 1.0702
Trends
20 Daily SMA 1.0742
SMA of 50 Daily 1.0808
SMA of 100 Daily 1,085
SMA of 200 Daily 1.0812
Levels
Previous Daily High 1.0711
Previous Daily Low 1.0639
Previous Weekly High 1,069
Previous Weekly Low 1.0601
Previous Monthly High 1.0981
Previous Monthly Low 1.0768
Daily Fibonacci 38.2% 1.0684
Daily Fibonacci 61.8% 1.0666
Daily Pivot Point S1 1.0656
Daily Pivot Point S2 1.0611
Daily Pivot Point S3 1.0584
Daily Pivot Point R1 1.0729
Daily Pivot Point R2 1.0757
Daily Pivot Point R3 1.0802

Source: Fx Street

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