The EUR/USD pair is trading flat near 1.0840 in Thursday’s European session as traders await the release of key US economic data. The pair maintains a negative outlook below the 100-period EMA on the 4-hour chart, with a bearish RSI indicator.
Technical analysis shows that the initial support level for EUR/USD is at 1.0820, with the first upside target at 1.0851. The major pair remains below the key 100-period EMA, indicating a bearish trend. The RSI is also in the bearish zone, suggesting further downside potential.
Looking ahead, the US GDP for Q2 is expected to grow at an annualized rate of 2.0%, higher than the previous quarter. This data release could impact the direction of the Greenback and influence EUR/USD movement.
On the downside, a break below 1.0820 could lead to a drop towards 1.0800 and 1.0736. On the upside, a break above 1.0851 could open the doors towards 1.0895-1.0905 and 1.0927.
EUR/USD 4-hour chart
Understanding these key levels and technical indicators can help traders navigate the volatile forex market and make informed decisions about their investments. Stay tuned for more updates on EUR/USD and other major currency pairs to stay ahead of the market trends.