EUR/USD Price Forecast: First upside barrier emerges above 1.0450

• EUR/USD gains ground to around 1.0430 in Thursday's early European session.
• The pair keeps the positive outlook above the 100-period EMA with a bullish RSI indicator. 
• The immediate resistance level emerges at 1.0461; the first downside target is seen at 1.4936. 

The EUR/USD pair recovers some lost ground to near 1.0425 during the early European trading hours on Thursday. The weakening of the US Dollar (USD) provides some support to the major pair. However,  tariff concerns from US President Donald Trump and geopolitical tension 

Technically, the bullish outlook of EUR/USD remains intact as the major pair holds above the key 100-period Exponential Moving Averages (EMA) on the 4-hour chart. However, the Relative Strength Index (RSI) is located below the midline, near 42.85, suggesting that further downside cannot be ruled out. 

The first upside barrier for EUR/USD emerges near 1.0461, the high of February 19. The key resistance level to watch is the 1.0500-1.0505 zone, representing the psychological level and the upper boundary of the Bollinger Band. A decisive break above this level will see a rally to 1.0533, the high of January 27. 

On the other hand, the crucial support level for the major pair is seen at 1.0410, the confluence of the 100-period EMA, and the lower limit of the Bollinger Band. A breach of this level will see a drop to 1.0352, the low of February 6. The additional downside filter is located at 1.0285, the low of February 10. 

EUR/USD 4-hour chart