The EUR/USD pair trades on a stronger note around 1.0818 on Wednesday during the early European session. The modest uptick of the pair is bolstered by the weaker Greenback The US Consumer Price Index (CPI) inflation data on Thursday will be the highlights for this week. 

Technically, the positive outlook of the major pair remains intact as it holds above the key 100-period Exponential Moving Average (EMA) on the 4-hour chart. The path of least resistance is to the upside, as the Relative Strength Index (RSI) stands in bullish territory near 57.0. 

The immediate resistance level for EUR/USD will emerge at 1.0843, the upper boundary of the Bollinger Band. Any follow-through buying above this level will see a rally to 1.0885, a high of May 15. The next hurdle is seen at 1.0915, a high of June 4. 

On the flip side, the potential support level is located at the 1.0800-1.0810 zone, representing the lower limit of the Bollinger Band and psychological figure. Further south, the next contention level to watch is 1.0790, the 100-period EMA. A breach of this level will pave the way to 1.0710, a low of July 2.  

EUR/USD 4-hour chart

(Click on image to enlarge)

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