#EURUSD @ 1.03331 EURUSD bulls take a breather around the highest levels in three months., @nehcap view: Pullback expected (Pivot Orderbook analysis)

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• EURUSD bulls take a breather around the highest levels in three months.
• Overbought RSI, the key resistance zone tests the pair’s further upside.
• 200-DMA adds to the upside filters before directing buyers to late June’s top.
• September’s high, 100-DMA challenges the bearish bias, 1.0280 appears immediate support.

The pair currently trades last at 1.03331.

The previous day high was 1.0364 while the previous day low was 1.0163. The daily 38.2% Fib levels comes at 1.0287, expected to provide support. Similarly, the daily 61.8% fib level is at 1.024, expected to provide support.

EURUSD consolidates the biggest weekly gains since March 2020 as it prints 0.70% intraday loss, the first in three days, around 1.0330 during Monday’s Asian session.

In doing so, the major currency pair retreats from a six-month-old horizontal resistance area amid the overbought RSI (14) line.

Although the failure to cross the key resistance zone surrounding 1.0350-70 keeps sellers hopeful amid the overbought RSI conditions, the bears have tough challenges to tackle moving forward.

That said, the 38.2% Fibonacci retracement level of the EURUSD pair’s February-September downside, near 1.0280, appears to be the immediate support to watch during the quote’s further declines.

Following that, tops marked during September and the 100-DMA, respectively near 1.0200 and 1.0030 will be in focus.

In a case where EURUSD bears manage to conquer the 1.0030 support, the 1.0000 parity level will be the last defense of buyers.

Meanwhile, recovery moves need a daily closing beyond 1.0370 to aim for the 200-DMA hurdle surrounding 1.0435.

Should the EURUSD bulls manage to keep the reins past the 200-DMA, the odds of witnessing a run-up towards late June highs near 1.0570 can’t be ruled out.

Overall, EURUSD remains on the buyer’s radar but short-term pullback can’t be ruled out.

Trend: Pullback expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0326 at the time of writing. Pair opened at 1.0358 and is trading with a change of -0.31% % .

The pair is trading above its 20 Daily moving average @ 0.9946, above its 50 Daily moving average @ 0.9893 , above its 100 Daily moving average @ 1.0032 and below its 200 Daily moving average @ 1.044

The previous day high was 1.0364 while the previous day low was 1.0163. The daily 38.2% Fib levels comes at 1.0287, expected to provide support. Similarly, the daily 61.8% fib level is at 1.024, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0226, 1.0094, 1.0025
• Pivot resistance is noted at 1.0427, 1.0496, 1.0628

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