#EURUSD @ 0.98398 climbs above 0.9830 due to an upbeat sentiment and the break of the 20-day EMA. (Pivot Orderbook analysis)

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• EUR/USD climbs above 0.9830 due to an upbeat sentiment and the break of the 20-day EMA.
• The daily chart shows that the EUR/USD bias remains downwards.
• Short term, the EUR/USD hourly chart depicts the pair as upwards; it could challenge 0.9900 once RSI exits from overbought territory.

The pair currently trades last at 0.98398.

The previous day high was 0.9809 while the previous day low was 0.9707. The daily 38.2% Fib levels comes at 0.9746, expected to provide support. Similarly, the daily 61.8% fib level is at 0.977, expected to provide support.

The EUR/USD advances sharply above the 0.9800f figure for the first time since October 6, courtesy of broad US dollar weakness amidst a risk-on impulse, as shown by global equities rising. The EUR/USD is trading at 0.9839, above its opening by 1.24%, distancing from the 20-day EMA.

The EUR/USD keeps trading downwards, even though price action broke above the 20-day EMA, opening the door to test the top trendline of a descending channel drawn from February 2022 highs and also at around the 50-day EMA at 0.9925/32, which, once broken will expose the October 4 daily high at 0.9999, around parity. The break above will expose the 100-day EMA at 1.0141.

In the near term, the EUR/USD opened the week upwards, as shown by Monday’s session, closing around 0.9837. Of note, the major is trading between the daily pivot and the R1 resistance level, with the latter sitting around 0.9886, and with the Relative Strength Index (RSI) at overbought conditions, might refrain traders from opening new longs until the RSI neutralizes.

Once RSI exits from overbought, the EUR/USD first resistance would be the R1 daily pivot. Brak above will expose the 0.9900 figure, followed by the confluence of the October 5 high and the R2 daily pivot at 0.9926/40, followed by 0.9950.

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9842 at the time of writing. Pair opened at 0.9723 and is trading with a change of 1.22 % .

The pair is trading above its 20 Daily moving average @ 0.9787, below its 50 Daily moving average @ 0.9948 , below its 100 Daily moving average @ 1.0162 and below its 200 Daily moving average @ 1.0578

The previous day high was 0.9809 while the previous day low was 0.9707. The daily 38.2% Fib levels comes at 0.9746, expected to provide support. Similarly, the daily 61.8% fib level is at 0.977, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9684, 0.9644, 0.9582
• Pivot resistance is noted at 0.9785, 0.9848, 0.9887

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