#EURUSD @ 1.00331 Current view: Limited upside expected, Check trading levels

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• EUR/USD remains firmer for the third consecutive day buyers attack short-term key resistance line.
• Impending bull cross on the MACD and a sustained break of the 10-DMA also favor upside momentum.
• 50-DMA appears the key resistance, bears can retake control by breaking July’s low.

The pair currently trades last at 1.00331.

The previous day high was 1.0055 while the previous day low was 0.9982. The daily 38.2% Fib levels comes at 1.0027, expected to provide support. Similarly, the daily 61.8% fib level is at 1.001, expected to provide support.

EUR/USD picks up bids to extend the weekly gains to 1.0025 during Wednesday’s Asian session. In doing so, the major currency pair prints a three-day uptrend while justifying the first daily close above the 10-DMA since August 15.

However, a two-week-long descending trend line, around 1.0040 by the press time, guards the quote’s immediate recovery moves. Following that, a run-up towards the 1.0100 threshold can’t be ruled out.

Even so, the EUR/USD bulls need a successful closing beyond the 50-DMA hurdle surrounding 1.0195 to retake control.

That said, the looming bull cross of the MACD and steady RSI appears to favor the short-term upside of the quote.

Alternatively, pullback moves remain elusive beyond the 10-DMA support near the parity level of 1.0000.

Following that, July’s bottom near 0.9950 could entertain bears before directing them to the recently flashed 19-year low of 0.9900.

Overall, EUR/USD is up for grabs by the intraday bulls but the risk to the downside can’t be ignored due to the presence of the inflation data on the calendar.

Also read: EUR/USD stays defensive above 1.0000 despite hawkish ECBspeak ahead of EU inflation

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0024 at the time of writing. Pair opened at 1.0015 and is trading with a change of 0.09% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.0117, 50 SMA 1.0206, 100 SMA @ 1.0414 and 200 SMA @ 1.0815.

The previous day high was 1.0055 while the previous day low was 0.9982. The daily 38.2% Fib levels comes at 1.0027, expected to provide support. Similarly, the daily 61.8% fib level is at 1.001, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.993, 0.9865, 0.9815
• Pivot resistance is noted at 1.0046, 1.0095, 1.0161

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