EUR/USD Price Analysis: Remains confined in a narrow trading range near 1.1040

EUR/USD remains in a narrow trading range amid the light trading volume.
The positive outlook of the pair remains intact above the key EMA; RSI indicator stands in bullish territory above the 50 midline.
1.1050 acts as an immediate resistance level; the initial support level is seen at the 1.1000 mark.

Lallalit Srijandorn FXStreet

The EUR/USD pair oscillates in a narrow range during the early European session on Wednesday. The market is likely to trade in a quiet session amid the holiday season in the last week of 2023. The major pair currently trades near 1.1041, down 0.01% on the day.

According to the four-hour chart, the positive outlook of EUR/USD remains intact as the major pair holds above the key 100-hour Exponential Moving Averages (EMA) with an upward slope. Additionally, the 14-day Relative Strength Index (RSI), which is in bullish territory above the 50 midline, supports the bullish momentum.

The upper boundary of the Bollinger Band at 1.1050 acts as an immediate resistance level for EUR/USD. The additional upside filter to watch is a high of August 10 at 1.1065, en route to a high of July 24 at 1.1147.

On the flip side, the initial support level will emerge at the 1.1000 psychological round mark. The critical contention is seen at the 1.0970-1.0980 region, representing the confluence of the lower limit of the Bollinger Band and the 50-hour EMA. Further south, the next downside target is located near the 100-hour EMA at 1.0926 and finally at 1.0888 (Low of December 15).

EUR/USD four-hour chart

EUR/USD

Overview
Today last price	1.1041
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	1.1042

Trends
Daily SMA20	1.0896
Daily SMA50	1.0798
Daily SMA100	1.0756
Daily SMA200	1.084

Levels
Previous Daily High	1.1045
Previous Daily Low	1.1009
Previous Weekly High	1.104
Previous Weekly Low	1.0892
Previous Monthly High	1.1017
Previous Monthly Low	1.0517
Daily Fibonacci 38.2%	1.1031
Daily Fibonacci 61.8%	1.1023
Daily Pivot Point S1	1.1019
Daily Pivot Point S2	1.0996
Daily Pivot Point S3	1.0983
Daily Pivot Point R1	1.1055
Daily Pivot Point R2	1.1068
Daily Pivot Point R3	1.1092

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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