#EURUSD @ 1.03161 picks up bids to defend the previous day’s rebound., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• EUR/USD picks up bids to defend the previous day’s rebound.
• Convergence of the 10-DMA, one-week-old resistance line challenges buyers.
• Bears need validation from resistance-turned-support stretched from early October.
• Oscillators seem running out of bullish bias as buyers brace for another battle with the 200-DMA.

The pair currently trades last at 1.03161.

The previous day high was 1.0308 while the previous day low was 1.0237. The daily 38.2% Fib levels comes at 1.0281, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0264, expected to provide support.

EUR/USD prints mild gains around 1.0320 as buyers keep the previous day’s rebound from a one-week low during early Wednesday.

In doing so, the major currency pair jostles with a short-term key resistance comprising the 10-DMA and a one-week-old descending trend line.

It’s worth noting that the receding bullish bias of the Moving Average Convergence and Divergence (MACD) indicator joins the return of the Relative Strength Index, placed at 14, from overbought territory to suggest further hardships for the EUR/USD pair buyers.

Even so, a clear upside break of the 1.0320 resistance could quickly propel the EUR/USD prices toward the 200-DMA hurdle surrounding 1.0400. However, any further advances appear tough and can challenge the bulls.

Even if the EUR/USD buyers manage to cross the 1.0400 hurdle, the monthly high near 1.0481 could act as an additional upside filter.

Alternatively, pullback moves remain elusive until the quote stays beyond the previous resistance line from early October, around 1.0200 by the press time.

Following that, the southward trajectory could aim for the 1.0100 round figure and the previous monthly high near 1.0090.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0318 at the time of writing. Pair opened at 1.03 and is trading with a change of 0.17% % .

The pair is trading above its 20 Daily moving average @ 1.0114, above its 50 Daily moving average @ 0.994 , above its 100 Daily moving average @ 1.0024 and below its 200 Daily moving average @ 1.0403

The previous day high was 1.0308 while the previous day low was 1.0237. The daily 38.2% Fib levels comes at 1.0281, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0264, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0256, 1.0211, 1.0185
• Pivot resistance is noted at 1.0327, 1.0353, 1.0398

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