#EURUSD @ 1.02516 bears take a breather around one-week low, probes three-day downtrend., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• EUR/USD bears take a breather around one-week low, probes three-day downtrend.
• Clear downside break of 50-SMA, one-week-old ascending trend line favors bears.
• RSI conditions, previous resistance line from early October challenge further downside.

The pair currently trades last at 1.02516.

The previous day high was 1.0333 while the previous day low was 1.0223. The daily 38.2% Fib levels comes at 1.0265, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0291, expected to provide resistance.

EUR/USD struggles to extend the three-day downtrend while making rounds to the lowest levels in a week, around 1.0250, during early Tuesday.

Even so, the major currency pair remains on the bear’s radar as it defends the previous day’s downside break of the 50-bar Simple Moving Average (SMA) and an upward-sloping trend line from November 04.

In addition to the previous support line from early November and the 50-SMA, respectively around 1.0290 and 1.0310 in that order, a one-week-old descending trend line near 1.0345 also challenges the EUR/USD pair buyers.

Should the quote manage to remain firmer past 1.0345, the monthly high near 1.0480 and the late-June peak surrounding 1.0615 will gain the market’s attention.

Alternatively, the resistance-turned-support from October 04, close to 1.0195 by the press time, could restrict the EUR/USD pair’s immediate downside amid nearly oversold conditions of the Relative Strength Index (RSI) placed at 14.

If the EUR/USD bears keep the reins past 1.0195 support level, tops marked during late October around 1.0095 and the 200-SMA level surrounding 0.9970 will be in the spotlight.

To sum up, EUR/USD is likely to witness further downside but there prevails a lesser room to the south.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0252 at the time of writing. Pair opened at 1.0242 and is trading with a change of 0.10% % .

The pair is trading above its 20 Daily moving average @ 1.0097, above its 50 Daily moving average @ 0.9933 , above its 100 Daily moving average @ 1.0024 and below its 200 Daily moving average @ 1.0408

The previous day high was 1.0333 while the previous day low was 1.0223. The daily 38.2% Fib levels comes at 1.0265, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0291, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0199, 1.0156, 1.0088
• Pivot resistance is noted at 1.0309, 1.0376, 1.0419

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