#EURUSD @ 0.98352 takes offers to extend pullback from a two-week high., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• EUR/USD takes offers to extend pullback from a two-week high.
• Steady RSI, failure to cross immediate hurdle direct sellers towards 21-DMA support.
• Bulls remain off the table unless crossing a descending resistance line from June.

The pair currently trades last at 0.98352.

The previous day high was 0.9876 while the previous day low was 0.9813. The daily 38.2% Fib levels comes at 0.9852, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9837, expected to provide resistance.

EUR/USD sellers return to the desk in early Wednesday in Europe, after a two-day absence. As a result, the quote takes a U-turn from a downward-sloping trend line from mid-September.

Given the steady RSI and the pair’s multiple failures to cross the immediate resistance line, around 0.9870 by the press time, EUR/USD is likely to stretch the latest declines towards the 21-DMA support of 0.9775.

However, three-week-old horizontal support near 0.9670-65 appears a tough nut to crack for the bears.

If the EUR/USD bears manage to conquer the 0.9665 support, the odds of witnessing a fresh yearly low, currently around 0.9535, can’t be ruled out.

Alternatively, an upside break of the aforementioned resistance line, near 0.9870, isn’t an open invitation to the EUR/USD bulls as another falling trend line from June, close to 0.9995 at the latest, will challenge the upside momentum.

Also acting as the key hurdle to the north is the 1.0000 parity mark, a break of which will direct prices towards the previous monthly peak near 1.0200.

To sum up, EUR/USD is likely to decline further but the downside room is limited.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9837 at the time of writing. Pair opened at 0.9855 and is trading with a change of -0.18% % .

The pair is trading above its 20 Daily moving average @ 0.9772, below its 50 Daily moving average @ 0.9934 , below its 100 Daily moving average @ 1.0144 and below its 200 Daily moving average @ 1.0563

The previous day high was 0.9876 while the previous day low was 0.9813. The daily 38.2% Fib levels comes at 0.9852, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9837, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.982, 0.9785, 0.9757
• Pivot resistance is noted at 0.9883, 0.9911, 0.9946

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