The EUR/USD pair posts modest gains around 1.0625 after bouncing off the fresh yearly low of 1.0600 on Wednesday during the early European trading hours.
EUR/USD rebounds to 1.0625 in Wednesday’s early European session. The pair keeps the negative outlook unchanged below the key EMA; RSI indicator holds in bearish territory. The initial support level is seen at the 1.0600–1.0605 zone; the immediate resistance level will emerge at 1.0710. However, the further upside might be limited amid the hawkish comments from Federal Reserve Chairman Jerome Powell and growing speculation that theEuropean Central Bank will start lowering interest rates in June.
0605 region acts as an initial support level for the major pair, portraying the confluence of the lower limit of the Bollinger Band and psychological level. Further south, the next contention level to watch is a low of November 2 at 1.0565, followed by the 1.0500 round mark. On the upside, the immediate resistance level of EUR/USD will emerge near the 50-period EMA at 1.0710. The additional upside filter to watch is the 100-period EMA at 1.0756.
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