We study pressure-induced isostructural electronic phase transitions in the prototypical mixed valence and strongly correlated material EuO using the global-hybrid density functional theory. The simultaneous presence in the valence of highly localized d- and f-type bands and itinerant s- and p-type states, as well as the half-filled f-type orbital shell with seven unpaired electrons on each Eu atom, have made the description of the electronic features of this system a challenge. The electronic band structure, density of states, and atomic oxidation states of EuO are analyzed in the 0-50 GPa pressure range. An insulator-to-metal transition at about 12 GPa of pressure was identified. The second isostructural transition at approximately 30-35 GPa, previously believed to be driven by an oxidation from Eu(II) to Eu(III), is shown instead to be associated with a change in the occupation of the Eu d orbitals, as can be determined from the analysis of the corresponding atomic orbital populations. The Eu d band is confined by the surrounding oxygens and split by the crystal field, which results in orbitals of e_{g} symmetry (i.e., d_{x^{2}-y^{2}} and d_{2z^{2}-x^{2}-y^{2}}, pointing along the Eu-O direction) being abruptly depopulated at the transition as a means to alleviate electron-electron repulsion in the highly compressed structures.