#EURUSD @ 1.01256 prints three-day uptrend near monthly high, sidelined of late., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• EUR/USD prints three-day uptrend near monthly high, sidelined of late.
• Buyers seem running out of steam but sustained trading beyond 200-SMA, weekly support line push back bearish hopes.
• Previous monthly high could lure further upside, bears have a bumpy road to return.

The pair currently trades last at 1.01256.

The previous day high was 1.0198 while the previous day low was 1.0043. The daily 38.2% Fib levels comes at 1.0139, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0102, expected to provide support.

EUR/USD bulls take a breather around a one-month high, retreating to 1.0135 during a three-day uptrend to Tuesday’s Asian session. In doing so, the major currency pair prints the cautious mood of traders ahead of the key US inflation data.

The quote rose to the highest levels in one month before retreating from a downward sloping resistance line stretched from June 27. Even so, the weekly support line triggered the EUR/USD pair’s rebound.

That said, the quote’s sustained trading above the 200-SMA and bullish MACD signals also keep the pair buyers hopeful.

However, a clear upside break of the aforementioned resistance line, around 1.0190, becomes necessary for the EUR/USD bulls to keep reins. Following that, a run-up towards the August month high near 1.0365-70 can’t be ruled out.

Alternatively, a downside break of the weekly support line, close to 1.0120 by the press time, needs validation from the 200-SMA level near 1.0095 to recall the EUR/USD bears.

Even so, the parity level, the 0.9950 and the 0.9900 threshold could challenge the quote’s further weakness before directing the sellers towards the yearly low near 0.9860.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0133 at the time of writing. Pair opened at 1.0123 and is trading with a change of 0.10% % .

The pair is trading above its 20 Daily moving average @ 1.0013, above its 50 Daily moving average @ 1.0114 , below its 100 Daily moving average @ 1.034 and below its 200 Daily moving average @ 1.0757

The previous day high was 1.0198 while the previous day low was 1.0043. The daily 38.2% Fib levels comes at 1.0139, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0102, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0044, 0.9966, 0.989
• Pivot resistance is noted at 1.0199, 1.0276, 1.0354

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