#EURUSD @ 0.98195 remains depressed at two-decade low, prints three-day downtrend., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• EUR/USD remains depressed at two-decade low, prints three-day downtrend.
• Clear break of two-month-old support, the biggest bearish MACD signal in a month favors sellers.
• 61.8% Fibonacci Expansion (FE) lures bears ahead of the 20-year bottom.

The pair currently trades last at 0.98195.

The previous day high was 1.0051 while the previous day low was 0.9955. The daily 38.2% Fib levels comes at 0.9992, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0014, expected to provide resistance.

EUR/USD bears keep the reins at the 19-year low after breaking the key support line from mid-July. That said, the major currency pair holds lower ground near 0.9830 during Thursday’s Asian session.

Not only a downside break of the previous key support, now resistance around 0.9860, but the strongest bearish signal since late August also keeps the EUR/USD sellers hopeful of refreshing the multi-year low.

In doing so, the 61.8% Fibonacci Expansion (FE) of the pair’s June-September moves, near 0.9730, will be in focus.

If at all the EUR/USD ignores the nearly oversold RSI (14) and drops below 0.9730, the south-run could aim for the year 2002 bottom surrounding 0.9610.

Alternatively, recovery remains elusive until the quote stays below the support-turned-resistance line near 0.9860.

It’s worth noting that the EUR/USD rebound past 0.9860 could enable the buyers to aim for the weekly high of 1.0050.

Even so, the 50-DMA and the descending resistance line from June, respectively near 1.0090 and 1.0140, could challenge the EUR/USD bulls afterward.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9832 at the time of writing. Pair opened at 0.9971 and is trading with a change of -1.39% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9992, 50 SMA 1.0096, 100 SMA @ 1.0307 and 200 SMA @ 1.0718.

The previous day high was 1.0051 while the previous day low was 0.9955. The daily 38.2% Fib levels comes at 0.9992, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0014, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9934, 0.9897, 0.9839
• Pivot resistance is noted at 1.003, 1.0088, 1.0125

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