#EURUSD @ 0.96656 holds lower ground while paring the biggest daily loss in six months., @nehcap view: Further downside expected (Pivot Orderbook analysis)
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- EUR/USD holds lower ground while paring the biggest daily loss in six months.
- Bearish MACD signals, steady RSI add strength to the downside bias targeting 100-HMA, 23.6% Fibonacci retracement.
- Bulls need validation from 0.9800 to retake control.
The pair currently trades last at 0.96656.
The previous day high was 0.9751 while the previous day low was 0.9536. The daily 38.2% Fib levels comes at 0.9669, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9618, expected to provide support.
EUR/USD consolidates Wednesday’s heavy gains as sellers flirt with 0.9680-85 heading into Thursday’s European session. In doing so, the major currency pair pulls back from a one-week-old descending resistance line while dropping back towards the 20-year low marked the previous day.
The bearish MACD signals and an absence of oversold RSI (14) add strength to the downside bias.
However, a convergence of the 100-HMA and 23.6% Fibonacci retracement of the September 19-28 downturn offers a tough nut to crack for the EUR/USD sellers around 0.9655.
Following that, the previous resistance line from Monday, near 0.9615 by the press time, could challenge the pair bears before directing them to the recently flashed multi-year low near 0.9535.
Alternatively, recovery moves need to cross the aforementioned resistance line, close to 0.97365 at the latest, to convince the intraday buyers.
Even so, the previous day’s high at around 0.9750 and September 22 swing low near 0.9805-10 could challenge the EUR/USD bulls before giving them the throne.
Overall, EUR/USD is likely to remain on the bear’s radar but the 0.9655 level may test intraday sellers.
Trend: Further downside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 0.9685 at the time of writing. Pair opened at 0.9735 and is trading with a change of -0.51% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.9685 |
| 1 | Today Daily Change | -0.0050 |
| 2 | Today Daily Change % | -0.51% |
| 3 | Today daily open | 0.9735 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9908, 50 SMA 1.0048, 100 SMA @ 1.0257 and 200 SMA @ 1.067.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.9908 |
| 1 | Daily SMA50 | 1.0048 |
| 2 | Daily SMA100 | 1.0257 |
| 3 | Daily SMA200 | 1.0670 |
The previous day high was 0.9751 while the previous day low was 0.9536. The daily 38.2% Fib levels comes at 0.9669, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9618, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.9596, 0.9458, 0.9381
- Pivot resistance is noted at 0.9812, 0.9889, 1.0027
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.9751 |
| Previous Daily Low | 0.9536 |
| Previous Weekly High | 1.0051 |
| Previous Weekly Low | 0.9668 |
| Previous Monthly High | 1.0369 |
| Previous Monthly Low | 0.9901 |
| Daily Fibonacci 38.2% | 0.9669 |
| Daily Fibonacci 61.8% | 0.9618 |
| Daily Pivot Point S1 | 0.9596 |
| Daily Pivot Point S2 | 0.9458 |
| Daily Pivot Point S3 | 0.9381 |
| Daily Pivot Point R1 | 0.9812 |
| Daily Pivot Point R2 | 0.9889 |
| Daily Pivot Point R3 | 1.0027 |
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