#EURUSD @ 0.99601 broke solid resistance levels and reclaimed 0.9900 on overall US Dollar weakness. (Pivot Orderbook analysis)

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• EUR/USD broke solid resistance levels and reclaimed 0.9900 on overall US Dollar weakness.
• Short term, the EUR/USD formed a bullish-pennant that targets 1.0010 as its profit target.

The pair currently trades last at 0.99601.

The previous day high was 0.9899 while the previous day low was 0.9807. The daily 38.2% Fib levels comes at 0.9864, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9842, expected to provide support.

The EUR/USD remains above the descending channel drawn from February 2022 highs and above the 50-day Exponential Moving Average (EMA) on Tuesday as the US Dollar weakened. Factors like speculations of a Fed pivot and solid US corporate earnings keep risk-perceived assets bid. At the time of writing, as the Asian session begins, the EUR/USD Is trading at 0.9967, slightly up by 0.05%.

Even though the EUR/USD hurdle several resistance levels, the major is neutral-to-downward biased, as depicted by the daily chart. EUR buyers should be aware that to shift the bias to neutral, they need to reclaim parity and hold prices above it so they can challenge the 100-day EMA at around 1.0091. Once cleared, the following resistance would be the 1.0200 figure. Conversely, if the EUR/USD tumbles below 0.9900, it would exacerbate a re-test of the YTD lows around 0.9530s.

In the near-term, the EUR/USD formed a bullish-pennant in the hourly chart, meaning further upside pressure mounting on the pair. The Relative Strength Index (RSI) is at overbought conditions at 70.91, suggesting that the EUR/USD is consolidated before resuming the uptrend. Therefore, the EUR/USD first resistance would be October 25 daily high at 0.9976. The break above will expose the 1.0000 figure, followed by the bullish-pennant profit target, the R1 daily pivot at 1.0010, and the R2 pivot point at 1.0060. On the flip side, the EUR/USD key support levels lie at 0.9930, the daily pivot point, followed by the 20-EMA at 0.9910, ahead of the 0.9900 figure.

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9967 at the time of writing. Pair opened at 0.9875 and is trading with a change of 0.93 % .

The pair is trading above its 20 Daily moving average @ 0.9789, above its 50 Daily moving average @ 0.9899 , below its 100 Daily moving average @ 1.0109 and below its 200 Daily moving average @ 1.0531

The previous day high was 0.9899 while the previous day low was 0.9807. The daily 38.2% Fib levels comes at 0.9864, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9842, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9821, 0.9768, 0.9729
• Pivot resistance is noted at 0.9914, 0.9953, 1.0006

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