EUR/USD recovers some lost ground to around 1.0475 in Monday’s early European session.
The negative outlook of the pair remains intact below the key 100-period EMA with a bearish RSI indicator.
The initial support level is located at the 1.0400-1.0390 region; the first resistance level is seen at 1.0545.
The EUR/USD pair trades in positive territory near 1.0475 during the early European session on Monday. The uptick of the major pair is supported by the decline in the US Dollar (USD) as Donald Trump announced that he will nominate Scott Bessent to be the secretary of the US Department of the Treasury.
However, EUR/USD keeps the bearish vibe on the 4-hour chart as the price remains capped under the key 100-period Exponential Moving Averages (EMA). The downward momentum is reinforced by the Relative Strength Index (RSI), which stands below the midline near 44.25, supporting the sellers in the near term.
The initial support level for the major pair emerges in the 1.0400-1.0390 zone, representing the psychological level and the lower limit of the Bollinger Band. A breach of this level could pave the way to 1.0331, the low of November 22. The next downside target to watch is 1.0290, the low of November 30, 2022.
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