#EURUSD @ 0.97020 remains sidelined in an immediate 70-pip trading region., @nehcap view: Sideways (Pivot Orderbook analysis)

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• EUR/USD remains sidelined in an immediate 70-pip trading region.
• Sluggish MACD, RSI also back sideways performance between three-week-old horizontal support and descending resistance line from October 06.
• Bears have a comparatively smoother road to return than buyers.

The pair currently trades last at 0.97020.

The previous day high was 0.9735 while the previous day low was 0.9668. The daily 38.2% Fib levels comes at 0.9694, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9709, expected to provide resistance.

EUR/USD treads water around 0.9700, staying inside a familiar 70-pip trading range during Thursday’s Asian session. In doing so, the major currency pair portrays the typical pre-data trading lull ahead of the US Consumer Price Index (CPI) data for September.

That said, a three-week-old horizontal line restricts the EUR/USD pair’s immediate downside around 0.9670 while a one-week-long descending trend line joins the 23.6% Fibonacci retracement level of the August-September downside, near 0.9740 to challenge buyers.

It’s worth noting that the RSI (14) and the MACD also portray sluggish markets and hence it all depends upon the scheduled US inflation data.

Even so, the EUR/USD bears might have a quick fall towards the yearly low of 0.9537 on breaking 0.9670 support, which appears smoother than the likely hardships for buyers due to multiple hurdles in the north.

If the quote remains weak past 0.9670, the 61.8% Fibonacci Expansion (FE) of the August-October moves, near 0.9480, will be in focus.

Alternatively, an upside clearance of the 0.9740 hurdle will need validation from the recent swing high near 0.9775 to convince buyers.

Following that, the 38.2% Fibonacci retracement level of 0.9853 and the monthly high near the parity could challenge the EUR/USD pair buyers.

Trend: Sideways

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9705 at the time of writing. Pair opened at 0.9703 and is trading with a change of 0.02% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9813, 50 SMA 0.9967, 100 SMA @ 1.0181 and 200 SMA @ 1.0594.

The previous day high was 0.9735 while the previous day low was 0.9668. The daily 38.2% Fib levels comes at 0.9694, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9709, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9669, 0.9635, 0.9602
• Pivot resistance is noted at 0.9736, 0.9769, 0.9803

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