EUR/USD Price Analysis: The first upside target is seen at the 1.0710–1.0715 region

EUR/USD holds positive ground around 1.0705 in Wednesday’s early European session. The pair keeps the bearish vibe unchanged below the key EMA. The first upside barrierisseenat the 1.0710–1.0715 region; the first downside targetislocatedat 1.0638. The recovery of themajorpair is bolstered by the downbeat US April PMI data, which weighs on the Greenback. Later in the day, Germany’s IFO business sentiment indexand Expectations will be published.

0756. Thenextkey upside barrieris seenat the confluence ofa low of March 22 and a psychological level at 1.0800. The additional upside filter to watch is a high of April 4 at 1.0875. On the other hand, the first downside targetis locatednear a low of April 23 at 1.0638. Any follow-through selling below the latter will see a drop to the lower limit of the Bollinger Band at 1.0625. A breach of this level will exposea low of November 2 at 1.0565.

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