#EURUSD @ 1.03933 dribbles around one-week high after crossing short-term key hurdle., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• EUR/USD dribbles around one-week high after crossing short-term key hurdle.
• Nearly overbought RSI conditions could challenge bulls around monthly peak.
• 50-SMA, resistance-turned-support line restrict immediate downside amid bullish MACD signals.

The pair currently trades last at 1.03933.

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 bulls take a breather around a one-week high near 1.0400 during Thursday’s Asian session, following a two-day uptrend. Even so, the major currency pair remains on the way to the monthly top, as well as appears capable of crossing it, on crossing the short-term key hurdles, now nearby supports.

Not only a successful break of a one-week-old descending trend line and the 50-SMA but bullish MACD signals also keep the EUR/USD buyers hopeful of approaching the monthly high near 1.0480, as well as the 1.0500 threshold.

Though, nearly overbought conditions of the RSI (14) could challenge the quote’s further advances.

If the pair remains firmer past 1.0500, late June’s peak surrounding 1.0615 will gain the EUR/USD buyer’s attention before highlighting the June month’s high of 1.0786.

Alternatively, the 50-SMA level, close to 1.0340, precedes the previous resistance line from November 15, around 1.0280, to restrict short-term EUR/USD downside.

Even if the EUR/USD pair drops below 1.0280, an ascending trend line from October 04, close to 1.0220, should be eyed closely as a clear break of which won’t hesitate to direct the bears toward the 200-SMA support near the parity level.

Trend: Further upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0399 at the time of writing. Pair opened at 1.03 and is trading with a change of 0.96% % .

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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