EUR/USD Price Analysis: The potential support level is located near 1.0800

EUR/USD loses traction around 1.0830 on the renewed USD demand on Wednesday.
The pair maintains the bearish outlook above the key EMA; RSI lies below the 50-midline.
The first upside barrier is seen near 1.0853; the potential support level is located at 1.0800.

Lallalit Srijandorn FXStreet

The EUR/USD pair trades in negative territory for two straight days near 1.0830 on Wednesday during the early European trading hours. The encouraging US economic data and the high-for-longer rate narrative from the Federal Reserve (Fed) provide some support to the US Dollar (USD) and drag the EUR/USD lower.

Technically, EUR/USD keeps the bearish vibe unchanged on the four-hour chart. The major pair is below the key 50- and 100-period Exponential Moving Averages (EMA), with the Relative Strength Index (RSI) lying below the 50-midline. This indicates that the further downside looks favorable for the time being.

The key resistance level for EUR/USD will emerge near 1.0853, portraying the confluence of the upper boundary of the Bollinger Band and the 50-period EMA. A break above the mentioned level will pave the way to the 100-period and a high of March 26 at 1.0864. Further north, the next hurdle is seen near a high of March 18 at 1.0906.

On the flip side, the potential support level is located at the 1.0800 round mark, representing the lower limit of the Bollinger Band, a low of March 22, and a psychological round figure. Any follow-through selling below the latter will see a drop to a low of February 16 at 1.0732, followed by a low of February at 1.0700.

EUR/USD four-hour chart

EUR/USD

Overview
Today last price	1.0832
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	1.0831

Trends
Daily SMA20	1.0877
Daily SMA50	1.084
Daily SMA100	1.0873
Daily SMA200	1.0838

Levels
Previous Daily High	1.0864
Previous Daily Low	1.0824
Previous Weekly High	1.0942
Previous Weekly Low	1.0802
Previous Monthly High	1.0898
Previous Monthly Low	1.0695
Daily Fibonacci 38.2%	1.084
Daily Fibonacci 61.8%	1.0849
Daily Pivot Point S1	1.0816
Daily Pivot Point S2	1.08
Daily Pivot Point S3	1.0776
Daily Pivot Point R1	1.0856
Daily Pivot Point R2	1.088
Daily Pivot Point R3	1.0896

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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