EUR/USD Price Analysis: The key resistance level is seen at 1.0970

• EUR/USD trades on a softer note amid the stronger USD. 
• The pair keeps the negative outlook unchanged below the key EMA; RSI indicator stands in bearish territory below the 50 midline.
• The critical resistance level will emerge at 1.0970; the 1.0890–1.0900 zone acts as an initial support level.

The EUR/USD pair loses ground around 1.0935 during the early European session on Monday. The downtick of the major pair is backed by a stronger US Dollar (USD) and higher US Treasury bond yields. The US labor data on Friday cast doubt on the Federal Reserve's (Fed) rate cut expectation. The US Nonfarm Payrolls (NFP) rose by 216,000 in December from 173,000 in November, better than the market expectation of 170,000.

According to the four-hour chart, the bearish outlook of EUR/USD remains intact as the major pair holds below the 50- and 100-hour Exponential Moving Averages (EMA). Additionally, the 14-day Relative Strength Index (RSI) stands in bearish territory below the 50 midline, indicating that the path of least resistance is to the downside. 

The key resistance level will emerge at 1.0970, portraying the confluence of the 50-hour EMA, the upper boundary of the Bollinger Band, and a high of January 4. The next upside barrier to watch is near a psychological round mark and a high of January 5 at 1.1000, followed by a high of January 2 at 1.1043 and a high of December 29 at 1.1080.

On the flip side, the 1.0890–1.0900 region acts as an initial support level for EUR/USD. The mentioned level is the lower limit of the Bollinger Band and a low of January 5. The additional downside filter to watch is a high of December 12 at 1.0828. Further south, the next downside stop is located near a low of December 13 at 1.0773.

EUR/USD four-hour chart