#EURUSD @ 1.00701 US dollar extends slide across the board as Wall Street turns positive. (Pivot Orderbook analysis)

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• US dollar extends slide across the board as Wall Street turns positive.
• US yields decline adding to dollar’s weakness.
• EUR/USD up for the fifth consecutive day, at six-week highs.

The pair currently trades last at 1.00701.

The previous day high was 0.9977 while the previous day low was 0.9848. The daily 38.2% Fib levels comes at 0.9928, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9897, expected to provide support.

The EUR/USD rose further and printed a fresh six-week high at 1.0080, amid broad-based dollar weakness. It remains near the high, holding onto important daily gains the day before the European Central Bank meeting.

The US dollar extended its correction lower on Wednesday during the American session amid a decline in US yields that reached fresh weekly lows. The DXY was falling almost 1%, trading below 110.00.

The European Central Bank will have its monetary policy meeting on Thursday. A 75 bps rate hike is expected. The decision, statement and Lagarde’s press conference will likely have an impact on euro’s crosses.

Analysts at Rabobank doubt about the possibility of the ECB sustaining a policy of large rate hikes after Thursday. They consider that taking into account the economic context, the central bank may be forced to slow the pace of its moves. “We continue to see scope for EUR/USD to drop to 0.95 into the winter months.”

Also on Thursday, the US will report the first reading of Q3 GDP growth and the weekly jobless claims report.

The EUR/USD is about to post the fifth daily gain in a row and it is consolidating above the parity and also the 55-day Simple Moving Average. The next target might be the 10-day SMA at 1.0092. Above the next resistance is seen at 1.0130.

On the flip side, a slide back under 0.9990 should alleviate the bullish pressure and could open the doors to a bigger decline initially to 0.9905 and then the 20-day SMA at 0.9825.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0048 at the time of writing. Pair opened at 0.9965 and is trading with a change of 0.83 % .

The pair is trading above its 20 Daily moving average @ 0.9807, above its 50 Daily moving average @ 0.9895 , below its 100 Daily moving average @ 1.0101 and below its 200 Daily moving average @ 1.0524

The previous day high was 0.9977 while the previous day low was 0.9848. The daily 38.2% Fib levels comes at 0.9928, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9897, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9883, 0.9801, 0.9754
• Pivot resistance is noted at 1.0012, 1.0059, 1.014

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