The EUR/USD pair remains on the defensive above the mid 1.0400s during the early European trading hours on Wednesday. The major pair bounces off the y
The major pair holds below the 50- and 100-hour EMAs with the bearish RSI.remains on the defensive above the mid 1.0400s during the early European trading hours on Wednesday. The major pair bounces off the year-to-date low of 1.0448 and currently trades near 1.0467, up 0.01% on the day.
From the technical perspective, the EUR/USD pair holds below the 50- and 100-hour Exponential Moving Averages with a downward slope on the four-hour, which means the path of least resistance for the pair is to the downside. Furthermore, the Relative Strength Index holds in bearish territory below 50, supporting the sellers for the time being.
On the upside, the first resistance level for the major pair is located near the 50-hour EMA at 1.0550. The additional upside filter will emerge near the upper boundary of the Bollinger Band at 1.0609, followed by 1.0624 . Any follow-through buying above the latter will see a rally to 1.0670 , followed by a psychological figure at 1.0700.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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