#EURUSD @ 0.97753 retreats towards the short-term key support while paring the first weekly gain in three., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• EUR/USD retreats towards the short-term key support while paring the first weekly gain in three.
• Convergence of 50-SMA, monthly support line restrict immediate downside.
• Downbeat oscillators, pullback from 200-SMA favor bears targeting one-month-old horizontal support.

The pair currently trades last at 0.97753.

The previous day high was 0.9872 while the previous day low was 0.9757. The daily 38.2% Fib levels comes at 0.9801, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9829, expected to provide resistance.

EUR/USD consolidates the first weekly gain in three as sellers approach 0.9760 support confluence during Friday’s Asian session. In doing so, the major currency pair reverses the previous day’s recovery moves amid bearish MACD signals and steady RSI (14).

That said, 50-SMA joins an upward-sloping trend line from September 28 to restrict the immediate downside of the EUR/USD pair, a break of which could quickly drag the quote towards a horizontal area comprising multiple lows marked since September 23, near 0.9680-70.

In a case where EUR/USD bears keep the reins past 0.9670, the odds of witnessing a fresh 2022 low, currently around 0.9535, can’t be ruled out. In that case, the 0.9600 and the 0.9500 round figures may act as extra downside filters.

Alternatively, EUR/USD recovery remains elusive unless the quote crosses the 0.9850-55 resistance confluence including the 200-SMA and a six-week-old resistance line.

Even so, the weekly high of around 0.9875 could act as an extra filter to the north before directing buyers towards the monthly top surrounding the parity level.

Overall, EUR/USD is likely to witness further downside but a clear break of 0.9760 is necessary to convince the pair sellers.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9779 at the time of writing. Pair opened at 0.9772 and is trading with a change of 0.07% % .

The pair is trading above its 20 Daily moving average @ 0.9769, below its 50 Daily moving average @ 0.9924 , below its 100 Daily moving average @ 1.0135 and below its 200 Daily moving average @ 1.0555

The previous day high was 0.9872 while the previous day low was 0.9757. The daily 38.2% Fib levels comes at 0.9801, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9829, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9729, 0.9686, 0.9614
• Pivot resistance is noted at 0.9844, 0.9916, 0.9959

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