EUR/USD Price Analysis: The Crucial Resistance Level Will Emerge At The 1.0790–1.0800 Region

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EUR/USD weakens to 1.0775 on the firmer USD on Friday.

The pair keeps the bearish vibe below the key EMA on the daily timeframe. 

The key resistance level will emerge in the 1.0790–1.0800 zone; the first downside target is located at 1.0724.

The EUR/USD pair trades on a softer note near 1.0775 during the early European hours on Friday. The downtick of the major pair is supported by the renewed US Dollar (USD) demand amid hawkish comments from Federal Reserve (Fed) officials. Later on Friday, the US Michigan Consumer Sentiment Index for May will be released, which is projected to drop from 77.2 in April to 76.0 in May. 

According to the daily chart, EUR/USD has traded within a descending trend channel since mid-December 2023. The bearish outlook of the major pair remains intact, as it is below the key 100-period Exponential Moving Average (EMA). However, the 14-day Relative Strength Index (RSI) stands in bullish territory around 55, indicating that further upside cannot be ruled out. 

The key resistance level for EUR/USD will emerge at the 1.0790–1.0800 region, portraying the 100-day EMA and the upper boundary of the descending trend channel. The next upside barrier is seen near a high of April 9 at 1.0885. The additional upside filter to watch is a high of March 21 at 1.0943, followed by March 8 at 1.0981, and finally the 1.1000 psychological level.  

On the downside, the first downside target is located near a low of May 9 at 1.0724. Extended losses for EUR/USD expose the pair to a low of May 2 at 1.0650, en route to a low of April 16 at 1.0600. A break below this level will see a drop to the lower limit of the descending trend channel at 1.0500.  
 
EUR/USD daily chart
 

EUR/USD
 

OVERVIEW Today last price 1.0774 Today Daily Change -0.0008 Today Daily Change % -0.07 Today daily open 1.0782

 

TRENDS Daily SMA20 1.0699 Daily SMA50 1.079 Daily SMA100 1.0833 Daily SMA200 1.0794

 

LEVELS Previous Daily High 1.0784 Previous Daily Low 1.0724 Previous Weekly High 1.0812 Previous Weekly Low 1.065 Previous Monthly High 1.0885 Previous Monthly Low 1.0601 Daily Fibonacci 38.2% 1.0761 Daily Fibonacci 61.8% 1.0747 Daily Pivot Point S1 1.0742 Daily Pivot Point S2 1.0703 Daily Pivot Point S3 1.0682 Daily Pivot Point R1 1.0803 Daily Pivot Point R2 1.0824 Daily Pivot Point R3 1.0864

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