• EUR/USD trades with mild losses near 1.0745 in Wednesday’s early European session. 
• The negative outlook of the pair remains intact below the key 100-day EMA. 
• The first upside barrier will emerge at 1.0786; the initial support level is seen at 1.0650.

The EUR/USD pair consolidates gains around 1.0745 during the early European session on Wednesday. Data released on Tuesday showed that the annual inflation rate in the Eurozone cooled down in June, in line with the market consensus. This figure has triggered hopes for potential interest rate cuts by the European Central Bank (ECB), which might cap the upside of the Euro (EUR) for the time being. 

The major pair keeps the bearish vibe unchanged on the daily chart as it holds below the key 100-day Exponential Moving Average (EMA). In the near term, further consolidation cannot be ruled out as the Relative Strength Index (RSI) hovers around the 50-midline, suggesting the neutral momentum of the pair. 

The crucial upside barrier for the major pair is seen at 1.0786, the 100-day EMA. Further north, the next hurdle is located at 1.0835, the upper boundary of the Bollinger Band. A decisive break above the latter will expose 1.0885, a high of May 15.