EUR/USD Price Analysis: The first downside target is located at 1.0840

EUR/USD trades in negative territory for the second consecutive day near 1.0875.
The pair resumes a bearish outlook below the key EMA; RSI momentum indicator holds below the 50-midline.
The initial support level is located at 1.0840; the first upside barrier will emerge at 1.0882.

Lallalit Srijandorn FXStreet

The EUR/USD pair loses momentum below the 1.0900 mark during the early European session on Friday. The firmer US Dollar (USD) following the upbeat US February PPI data and Initial Jobless Claims have triggered the possibility that the Federal Reserve might delay the interest rate cuts next week, which exerts some selling pressure on the major pair. EUR/USD currently trades near 1.0875, losing 0.09% on the day.

According to the four-hour chart, EUR/USD resumes a bearish outlook as the major pair holds below the key 100-period Exponential Moving Averages (EMA). The downward momentum is also supported by the Relative Strength Index (RSI), which lies below the 50-midline, suggesting the path of least resistance is to the downside.

The initial support level for EUR/USD is located near a low of March 5 at 1.0840. The key contention level is seen at the confluence of a low of February 22 and a psychological mark at 1.0800. The additional downside filter to watch is a low of February 20 at 1.0761, followed by a low of February 15 at 1.0725.

On the bright side, the first upside barrier will emerge at the 100-period EMA at 1.0882. Any follow-through buying above the latter will attract some buyers to a high of March 14 at 1.0955, followed by the upper boundary of the Bollinger Band at 1.0971. A decisive break above this level will see a rally to 1.1000, representing a round mark and a high of January 11.

EUR/USD four-hour chart

EUR/USD

Overview
Today last price	1.0874
Today Daily Change	-0.0009
Today Daily Change %	-0.08
Today daily open	1.0883

Trends
Daily SMA20	1.0859
Daily SMA50	1.0853
Daily SMA100	1.0855
Daily SMA200	1.0838

Levels
Previous Daily High	1.0956
Previous Daily Low	1.0881
Previous Weekly High	1.0981
Previous Weekly Low	1.0838
Previous Monthly High	1.0898
Previous Monthly Low	1.0695
Daily Fibonacci 38.2%	1.0909
Daily Fibonacci 61.8%	1.0927
Daily Pivot Point S1	1.0857
Daily Pivot Point S2	1.0832
Daily Pivot Point S3	1.0783
Daily Pivot Point R1	1.0932
Daily Pivot Point R2	1.0981
Daily Pivot Point R3	1.1007

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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