#EURUSD @ 1.01424 picks up bids to refresh intraday high during three-day uptrend., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• EUR/USD picks up bids to refresh intraday high during three-day uptrend.
• Successful break of 50-SMA, bullish MACD signals keep buyers hopeful.
• Upside clearance of 1.0200 becomes necessary to confirm the bullish chart pattern.
• 50-DMA, weekly support line restricts immediate downside moves.

The pair currently trades last at 1.01424.

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 support. Similarly, the daily 61.8% fib level is at 1.0102, expected to provide support.

EUR/USD refreshes intraday high around 1.0150 as bulls portray the three-day uptrend amid the initial European session on Tuesday.

The major currency pair rose to the highest levels in a month the previous day before reversing from the resistance line of a nearly two-month-long falling wedge bullish chart pattern. The pullback moves, however, remained above the 50-DMA and kept the buyers hopeful.

Also favoring the upside momentum are the bullish MACD signals and the firmer RSI (14), not overbought.

It should, however, be noted that the clear upside break of the 1.0200 threshold becomes important for the EUR/USD bulls as it will confirm the theoretical transition towards the 1.0950 hurdle.

During the run-up, the tops marked during August and June, respectively near 1.0370 and 1.0615, could test the upside momentum, in addition to the 100-DMA hurdle surrounding 1.0335.

Meanwhile, pullback moves may initially aim for the 50-DMA support near 1.0115, a break of which could direct EUR/USD bears towards a one-week-old support line, close to 1.0085 by the press time.

Following that, the yearly low near 0.9865 and the lower line of the stated wedge, close to 0.9860, should gain the market’s attention.

Trend: Further upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0147 at the time of writing. Pair opened at 1.0123 and is trading with a change of 0.24% % .

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 support. 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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