EUR/USD Price Analysis: The first upside barrier is located at 1.0870

EUR/USD trades softer near 1.0855 ahead of the US CPI data on Wednesday.
The pair keeps a positive outlook above the key EMA; RSI indicator holds in bullish territory.
The first resistance level will emerge at 1.0870; the initial support level is seen at 1.0833.

Lallalit Srijandorn FXStreet

The EUR/USD pair clings to mild losses around 1.0855 on Wednesday during the early European session. The US March Consumer Price Index (CPI) report and the FOMC Minutes will be released later in the day. On Thursday, the European Central Bank (ECB) monetary policy decision will take center stage. The ECB is expected to keep rates unchanged at its April meeting, but the chance of easing policy in June increases.

According to the four-hour chart, EUR/USD keeps the bullish stance unchanged as the major pair is above the key 100-period Exponential Moving Average (EMA). Additionally, the Relative Strength Index (RSI) holds in bullish territory around 56.50, which means the path of least resistance level is to the upside.

The first resistance level will emerge near the upper boundary of the Bollinger Band at 1.0870. The next hurdle is seen at the 1.0900–1.0905 zone, portraying the confluence of the psychological level and a high of March 18. A break above the latter will see a rally to a high of March 21 at 1.0942.

The 100-period EMA at 1.0833 acts as an initial support level for EUR/USD. The additional downside filter to watch is the lower limit of the Bollinger Band at 1.0823. A breach of this level will expose a low of March 28 at 1.0775, followed by a low of April 1 at 1.0730.

EUR/USD four-hour chart

EUR/USD

Overview
Today last price	1.0854
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	1.0857

Trends
Daily SMA20	1.0843
Daily SMA50	1.083
Daily SMA100	1.0873
Daily SMA200	1.0833

Levels
Previous Daily High	1.0885
Previous Daily Low	1.0848
Previous Weekly High	1.0876
Previous Weekly Low	1.0725
Previous Monthly High	1.0981
Previous Monthly Low	1.0768
Daily Fibonacci 38.2%	1.0862
Daily Fibonacci 61.8%	1.0871
Daily Pivot Point S1	1.0842
Daily Pivot Point S2	1.0826
Daily Pivot Point S3	1.0804
Daily Pivot Point R1	1.0879
Daily Pivot Point R2	1.0901
Daily Pivot Point R3	1.0916

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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