#EURUSD @ 0.97875 remains on the front foot around weekly top., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)

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• EUR/USD remains on the front foot around weekly top.
• Sluggish RSI, MACDI challenge buyers, sellers need validation from three-week-old horizontal support.
• Bulls need daily closing beyond the multi-day-old resistance line to retake control.

The pair currently trades last at 0.97875.

The previous day high was 0.9806 while the previous day low was 0.9632. The daily 38.2% Fib levels comes at 0.974, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9698, expected to provide support.

EUR/USD flirts with the 21-DMA hurdle surrounding the 0.9800 threshold as buyers struggle to defend upside momentum amid sluggish oscillators. Also challenging the major currency pair’s latest upside move are the sluggish conditions of the RSI (14) and MACD.

Hence, the pair’s upside break of the 21-DMA hurdle near 0.9800 isn’t a strong signal for the bulls. However, a run-up towards a downward-sloping resistance line from late June, around 1.0020, can’t be ruled out.

During the advances, the monthly high around the parity level and September’s peak of 1.0198 might act as buffers.

Alternatively, a three-week-long horizontal support area near 0.9670-65 restricts short-term EUR/USD declines ahead of the latest swing low near 0.9630.

In a case where the quote remains bearish past 0.9630, the yearly low of 0.9535 could act as the last defense of buyers, a break of which could direct the bears towards the September 2001 high near 0.6335.

Overall, EUR/USD remains in the recovery mode but the trend reversal is far from here.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9796 at the time of writing. Pair opened at 0.9774 and is trading with a change of 0.23% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9802, 50 SMA 0.9957, 100 SMA @ 1.0172 and 200 SMA @ 1.0587.

The previous day high was 0.9806 while the previous day low was 0.9632. The daily 38.2% Fib levels comes at 0.974, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9698, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9669, 0.9563, 0.9494
• Pivot resistance is noted at 0.9843, 0.9912, 1.0017

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