Anna 
During early European trading hours on Wednesday, the EUR/USD pair continued its upward momentum, approaching 1.0825, supported by positive factors such as the upbeat ZEW Economic Sentiment Survey and weakness in the US Dollar (USD). Market focus is now on the Eurozone GDP growth data, with forecasts anticipating a 0.3% quarter-on-quarter increase in the first quarter of 2024.
Analyzing the daily chart, EUR/USD has been confined within a descending trend channel since mid-December 2023. The recent bullish sentiment is reinforced by the pair crossing above the key 100-day Exponential Moving Average (EMA). Moreover, the 14-day Relative Strength Index (RSI) resides in bullish territory around 60.80, suggesting favorable conditions for further upward movement.
Having surpassed the upper boundary of the descending trend channel and the psychological level of 1.0800, EUR/USD faces immediate resistance at the April 9 high of 1.0885. Beyond this, key resistance levels include the March 21 high at 1.0943, followed by the March 8 high at 1.0981, and ultimately the psychological level of 1.1000.
Conversely, the first downside target for EUR/USD rests near the 100-day EMA at 1.0795. Continued selling pressure below this level could lead to a decline towards the May 9 low of 1.0724. Further downside support levels include the May 2 low at 1.0650, followed by the April 16 low at 1.0600.
In summary, the EUR/USD pair is exhibiting a bullish outlook, supported by technical indicators and positive market sentiment, as it targets key resistance levels on the upside while maintaining support levels on the downside.
