The EUR/USD price is currently facing immediate resistance above 1.0400, specifically at the nine-day Exponential Moving Average (EMA). This resistance level is proving to be a significant hurdle for the currency pair. Traders are closely monitoring the price action around this level to determine the next potential move.
The EUR/USD pair has been struggling to break above the nine-day EMA, indicating a bearish sentiment in the market. If the pair manages to break above this resistance level, it could potentially signal a reversal in the current trend. However, until then, the immediate resistance at the nine-day EMA remains a key obstacle for the EUR/USD price.
Traders should keep a close eye on the price action around the 1.0400 level and the nine-day EMA to gauge the strength of the resistance. Any significant break above this level could lead to a bullish momentum for the EUR/USD pair. Conversely, a failure to break above the nine-day EMA could result in further downside pressure on the currency pair.