#EURUSD @ 1.03403 holds lower ground after breaking a three-week-old ascending trend line., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• EUR/USD holds lower ground after breaking a three-week-old ascending trend line.
• Impending bear cross on MACD, U-turn from five-month-long resistance line adds strength to bearish bias.
• 61.8% Fibonacci retracement level lures sellers, bulls need validation from monthly top.

The pair currently trades last at 1.03403.

The previous day high was 1.0429 while the previous day low was 1.0355. The daily 38.2% Fib levels comes at 1.0383, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0401, expected to provide resistance.

EUR/USD remains depressed around 1.0340, following the biggest daily fall in a week. In doing so, the major currency pair also justifies the previous day’s downside break of a three-week-old support line.

Not only the trend-line break but the looming bear cross on the MACD and the EUR/USD pair’s U-turn from the downward-sloping resistance line from late June, around 1.0475, also keeps the bears hopeful.

That said, the pair’s latest weakness aims at the 61.8% Fibonacci retracement level of May-September downside, near 1.0310.

Following that, the previous weekly low and tops marked in September, respectively around 1.0225 and 1.0200, could lure the EUR/USD sellers.

Alternatively, recovery needs to stay beyond the support-turned-resistance, around 1.0410, to lure the short-term EUR/USD buyers. Even so, the multi-day-old descending resistance line, around 1.0475, could stop the quote’s further advances.

Even if the quote stays firmer past 1.0475, the monthly high near 1.0500 appears the last defense of the EUR/USD bears.

Overall, EUR/USD remains on the bear’s radar even if the downside room appears limited.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0339 at the time of writing. Pair opened at 1.0409 and is trading with a change of -0.67% % .

The pair is trading above its 20 Daily moving average @ 1.0175, above its 50 Daily moving average @ 0.9964 , above its 100 Daily moving average @ 1.0031 and below its 200 Daily moving average @ 1.0389

The previous day high was 1.0429 while the previous day low was 1.0355. The daily 38.2% Fib levels comes at 1.0383, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0401, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0366, 1.0323, 1.0292
• Pivot resistance is noted at 1.0441, 1.0472, 1.0515

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