EUR/USD Price Analysis: Breaks above descending trend channel, the next barrier is seen above 1.0880

EUR/USD attracts some buyers to 1.0825 amid weaker USD on Wednesday. The pair resumes its upside as it holds above the key EMA; RSI indicator stands in bullish territory. The next upside barrierisseenat 1.0885; the first downside targetislocatedat 1.0795. Theuptick of themajorpairis bolsteredby theupbeat ZEW Economic Sentiment Survey and the softer US Dollar .Investors will closely monitor the Eurozone GDP growthnumber, whichis forecastto grow by 0.3% QoQ in the first quarter of 2024.

The additional upside filter to watch is a high of March 21 at 1.0943, en route to a high of March 8 at 1.0981, andfinallythe 1.1000 psychological level. On the other hand, the first downside target for EUR/USD will emerge near the 100-day EMA at 1.0795. Any follow-through selling below this level will see a drop to a low of May 9 at 1.0724. Further south, the next contention level is located around a low of May 2 at 1.0650, followed by a low of April 16 at 1.0600.

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