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27 Dec 2023

EUR/USD Price Analysis: Remains confined in a narrow trading range near 1.1040

  • EUR/USD remains in a narrow trading range amid the light trading volume.
  • The positive outlook of the pair remains intact above the key EMA; RSI indicator stands in bullish territory above the 50 midline.
  • 1.1050 acts as an immediate resistance level; the initial support level is seen at the 1.1000 mark.

The EUR/USD pair oscillates in a narrow range during the early European session on Wednesday. The market is likely to trade in a quiet session amid the holiday season in the last week of 2023. The major pair currently trades near 1.1041, down 0.01% on the day.

According to the four-hour chart, the positive outlook of EUR/USD remains intact as the major pair holds above the key 100-hour Exponential Moving Averages (EMA) with an upward slope. Additionally, the 14-day Relative Strength Index (RSI), which is in bullish territory above the 50 midline, supports the bullish momentum.

The upper boundary of the Bollinger Band at 1.1050 acts as an immediate resistance level for EUR/USD. The additional upside filter to watch is a high of August 10 at 1.1065, en route to a high of July 24 at 1.1147.

On the flip side, the initial support level will emerge at the 1.1000 psychological round mark. The critical contention is seen at the 1.0970-1.0980 region, representing the confluence of the lower limit of the Bollinger Band and the 50-hour EMA. Further south, the next downside target is located near the 100-hour EMA at 1.0926 and finally at 1.0888 (Low of December 15).

EUR/USD four-hour chart

 

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