#EURUSD @ 0.98609 struggles to extend two-day uptrend, renews intraday low of late., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• EUR/USD struggles to extend two-day uptrend, renews intraday low of late.
• Bullish MACD signal, successful break of 21-day EMA suggests further advances.
• 50-day EMA, descending trend line from August adds to the upside filters.
• Three-week-old horizontal support appears important for the bears to watch.

The pair currently trades last at 0.98609.

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 support. Similarly, the daily 61.8% fib level is at 0.9837, expected to provide support.

EUR/USD snaps a two-day uptrend as it takes a U-turn from the short-term key resistance line to refresh the intraday low near 0.9850 during Wednesday’s Asian session.

Even so, the major currency pair’s successful upside break of the 21-day EMA and the bullish MACD signals keep the buyers hopeful of overcoming the 0.9875 resistance level comprising a downward-sloping trend line from September 13.

However, the 50-day EMA level of 0.9925 and a two-week-old descending trend line, at the parity level by the press time, will be tough challenges for the EUR/USD bulls to cross before aiming the previous monthly top near 1.0200.

Also acting as an upside filter is the 61.8% Fibonacci retracement level of the pair’s August-September moves, near 1.0050.

Meanwhile, pullback moves could initially aim for the 21-day EMA level surrounding 0.9820 before directing the EUR/USD bears toward the 23.6% Fibonacci retracement level of 0.9730.

Following that, a horizontal area including multiple levels marked since September 23, near 0.9675-80, will be crucial to watch for the bears.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9856 at the time of writing. Pair opened at 0.9855 and is trading with a change of 0.01% % .

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 support. Similarly, the daily 61.8% fib level is at 0.9837, expected to provide support.

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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