#EURUSD @ 0.97763 sellers attack short-term key support but snaps two-week losing streak on weekly frame., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• EUR/USD sellers attack short-term key support but snaps two-week losing streak on weekly frame.
• Convergence of the short-term key moving averages tests bears amid steady RSI, bullish MACD signals.
• Six-week-old triangle restricts short-term moves despite fundamental bearishness.

The pair currently trades last at 0.97763.

The previous day high was 0.9846 while the previous day low was 0.9755. The daily 38.2% Fib levels comes at 0.9811, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9789, expected to provide resistance.

EUR/USD holds lower ground near the intraday bottom of 0.9763 as it pares the first weekly gains in three heading into Friday’s European session.

In doing so, the major currency pair sellers poke a convergence of the 10-DMA and 21-DMA, surrounding 0.9760 by the press time.

It should, however, be noted that the bullish MACD signals and steady RSI (14) suggest further grinding toward the south, not an abrupt slump.

Hence, the latest downside may witness a bounce from the stated key DMA confluence before activating another round of bearish moves.

That said, a one-month-old horizontal support area near 0.9670 restricts short-term EUR/USD downside before directing the bears toward the yearly low of 0.9535.

On the contrary, recovery moves need to cross the descending trend line from September 12, around 0.9855 at the latest, to lure the EUR/USD buyers.

Following that, a run-up toward the monthly high near the parity level of 1.0000 can’t be ruled out.

However, any further upside past-1.0000 won’t hesitate to challenge the previous month’s top surrounding 1.0200.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9765 at the time of writing. Pair opened at 0.9787 and is trading with a change of -0.22% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9767, 50 SMA 0.9913, 100 SMA @ 1.0125 and 200 SMA @ 1.0547.

The previous day high was 0.9846 while the previous day low was 0.9755. The daily 38.2% Fib levels comes at 0.9811, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9789, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9746, 0.9705, 0.9655
• Pivot resistance is noted at 0.9837, 0.9887, 0.9928

[/s2If]
Join Our Telegram Group