EUR/USD Price Analysis: The potential support level is seen at 1.0700

EUR/USD trades weaker on Thursday, despite the softer US Dollar.
The major pair keeps the bearish vibe below the key EMA; RSI indicator lies below the 50-midlines.
The immediate resistance level is seen at 1.0762; 1.0700 acts as a critical support level for the major pair.

Lallalit Srijandorn FXStreet

The EUR/USD pair remains on the defensive above the 1.0700 mark during the early European trading hours on Thursday. The Eurozone Gross Domestic Product (GDP) for the fourth quarter remained flat in the final quarter of 2023, in line with the flash reading. However, incoming data continues to signal weakness in the near term, which drags the Euro (EUR) lower against the US Dollar (USD). At press time, EUR/USD is trading at 1.0727, losing 0.01% on the day.

Technically, EUR/USD maintains the bearish unchanged as the major pair is below the 50- and 100-period Exponential Moving Averages (EMA) on the four-hour chart. Additionally, the Relative Strength Index (RSI) lies below the 50-midlines, supporting the downward momentum and suggesting that further decline looks favorable.

The 50-period EMA at 1.0762 acts as an immediate resistance level for EUR/USD. The key upside barrier to watch is the 1.0795–1.0805 zone, portraying the 100-period EMA, the upper boundary of the Bollinger Band, a psychological round mark, and a high of February 12. A decisive break above this level will see a rally to a high of January 26 at 1.0885.

On the flip side, the potential support level for the major pair is seen at 1.0700, representing a psychological figure and a low of February 13, Further north, the next contention level is located near the lower limit of the Bollinger Band at 1.0680. A breach of the latter will see a drop to a low of November 9 at 1.0660.

EUR/USD four-hour chart

EUR/USD

Overview
Today last price	1.0726
Today Daily Change	-0.0002
Today Daily Change %	-0.02
Today daily open	1.0728

Trends
Daily SMA20	1.0813
Daily SMA50	1.0891
Daily SMA100	1.0793
Daily SMA200	1.0829

Levels
Previous Daily High	1.0734
Previous Daily Low	1.0695
Previous Weekly High	1.0795
Previous Weekly Low	1.0723
Previous Monthly High	1.1046
Previous Monthly Low	1.0795
Daily Fibonacci 38.2%	1.0719
Daily Fibonacci 61.8%	1.071
Daily Pivot Point S1	1.0704
Daily Pivot Point S2	1.0679
Daily Pivot Point S3	1.0664
Daily Pivot Point R1	1.0743
Daily Pivot Point R2	1.0759
Daily Pivot Point R3	1.0783

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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