EURUSD struggles near 1.0830 amidst renewed USD demand, maintaining a bearish outlook above key EMAs. RSI below 50 suggests further downside potential. Upside barrier at 1.0853; support at 1.0800.
The EURUSD pair grapples with negative territory for two consecutive days, hovering around 1.0830 during early European trading hours on Wednesday. The USD gains traction fueled by encouraging US economic data and the Federal Reserve's high-for-longer rate narrative, exerting downward pressure on EURUSD.
Technically, EURUSD remains bearish on the four-hour chart, trading below crucial 50- and 100-period Exponential Moving Averages (EMAs). RSI below the 50-midline reinforces the bearish sentiment, suggesting a favorable outlook for further downside movement.
Key resistance for EURUSD lies near 1.0853, where the upper boundary of the Bollinger Band intersects with the 50-period EMA. A breach above this level could open the path towards the 200-period EMA and a high of March 26 at 1.0864, followed by a resistance level near the March 18 high at 1.0906.
Conversely, potential support is anticipated around the psychological round figure of 1.0800, marked by the lower boundary of the Bollinger Band and a low from March 22. A sustained break below this level may lead to further declines, targeting a low of February 16 at 1.0732, followed by a February low at 1.0700.
Forecast -0.700M vs Previous-1.952M
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