#EURUSD @ 1.03302 EURUSD remains sidelined after reversing from a six-month-old horizontal hurdle., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• EURUSD remains sidelined after reversing from a six-month-old horizontal hurdle.
• RSI’s retreat from overbought territory strengthens bearish bias.
• 200-DMA adds to the upside filters, sellers aim for September’s high.

The pair currently trades last at 1.03302.

The previous day high was 1.0359 while the previous day low was 1.0272. The daily 38.2% Fib levels comes at 1.0305, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0325, expected to provide support.

EURUSD steadies around 1.0320 heading into Tuesday’s European session, keeping the week-start pullback from the key horizontal resistance. In doing so, the major currency pair seesaws around the highest levels in three months, marked the last Friday, amid bullish MACD signals.

Given the RSI’s retreat from the overbought territory, as well as the pair’s U-turn from an important resistance comprising multiple levels marked since May, around 1.0370, the EURUSD bears are likely to keep the reins.

That said, the quote’s latest weakness aims for September’s peak of 1.0200 before revisiting the 100-DMA support level surrounding 1.0030.

In a case where the EURUSD price remains weak past 1.0030, the 1.0000 parity level could challenge the downside momentum.

On the contrary, recovery moves need to provide a daily closing beyond 1.0370 to convince the EURUSD buyers.

Even so, the 200-DMA resistance near 1.0430 will be crucial to challenge the pair’s further upside.

Should the EURUSD bulls remain in the driver’s seat past 1.0430, the late June swing low near 1.0615 will be in focus.

Overall, EURUSD remains on the bear’s radar, despite the latest inaction, unless crossing the 200-DMA.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0321 at the time of writing. Pair opened at 1.0329 and is trading with a change of -0.08% % .

The pair is trading above its 20 Daily moving average @ 0.997, above its 50 Daily moving average @ 0.9901 , above its 100 Daily moving average @ 1.003 and below its 200 Daily moving average @ 1.0435

The previous day high was 1.0359 while the previous day low was 1.0272. The daily 38.2% Fib levels comes at 1.0305, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0325, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0281, 1.0232, 1.0194
• Pivot resistance is noted at 1.0368, 1.0407, 1.0455

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