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.
src.src050 acts as an immediate resistance level; the initial support level is seen at the src.src000 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 src.src04src, down 0.0src% 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 src00-hour Exponential Moving Averages (EMA) with an upward slope. Additionally, the src4-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 src.src050 acts as an immediate resistance level for EUR/USD. The additional upside filter to watch is a high of August src0 at src.src065, en route to a high of July 24 at src.srcsrc47.
On the flip side, the initial support level will emerge at the src.src000 psychological round mark. The critical contention is seen at the src.0970-src.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 src00-hour EMA at src.0926 and finally at src.0888 (Low of December src5).
EUR/USD four-hour chart
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