#EURUSD @ 1.03515 prints the first daily gains in four, stays inside short-term trading range., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• EUR/USD prints the first daily gains in four, stays inside short-term trading range.
• Bearish MACD signals, steady RSI keep sellers hopeful.
• 100-SMA, 200-SMA defend buyers before the monthly low.
• Bulls can aim for late June swing high on crossing 1.0480 resistance confluence.

The pair currently trades last at 1.03515.

The previous day high was 1.0394 while the previous day low was 1.032. The daily 38.2% Fib levels comes at 1.0349, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0366, expected to provide resistance.

EUR/USD returns to the buyer’s radar while picking up bids near 1.0350 during early Wednesday morning in Europe. That said, the major currency pair dropped during the last three consecutive days before bouncing off 1.0319 late Tuesday.

The pair’s latest recovery, however, remains inside a three-week-old trading range between 1.0225 and 1.0480. Even so, the 1.0400 round figure appears to lure intraday buyers of late.

It’s worth noting that the bearish MACD signals and convergence of the previous support line from November 03, as well as the stated range’s upper end, near 1.0480, challenges EUR/USD pair’s latest upside.

In a case where the EUR/USD bulls manage to keep the reins past 1.0480, tops marked in late June surrounding 1.0615 should gain the market’s attention.

Alternatively, the 100-SMA level of 1.0300 restricts the immediate downside of the pair ahead of the 1.0225 range support.

Following that, the 200-SMA and the mid-November swing low, respectively near 1.0090 and 0.9935 could probe the EUR/USD bears before directing them to the monthly low of 0.9730.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0356 at the time of writing. Pair opened at 1.0326 and is trading with a change of 0.29% % .

The pair is trading above its 20 Daily moving average @ 1.0219, above its 50 Daily moving average @ 0.9977 , above its 100 Daily moving average @ 1.0037 and below its 200 Daily moving average @ 1.0379

The previous day high was 1.0394 while the previous day low was 1.032. The daily 38.2% Fib levels comes at 1.0349, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0366, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0299, 1.0272, 1.0224
• Pivot resistance is noted at 1.0373, 1.0421, 1.0448

[/s2If]
Join Our Telegram Group