The index wobbles in the low-104.00s amidst unclear risk trends. (Pivot Orderbook analysis)

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• The index wobbles in the low-104.00s amidst unclear risk trends.
• The continuation of the downtrend could drop to the 103.40 zone.

The pair currently trades last at 104.51.

The previous day high was 104.61 while the previous day low was 104.56. The daily 38.2% Fib levels comes at 104.59, expected to provide resistance. Similarly, the daily 61.8% fib level is at 104.58, expected to provide resistance.

The DXY remains under pressure and so far manages to hold the downside just above the 104.00 mark on Monday.

The continuation of the selling pressure could motivate the US Dollar to accelerate losses and challenge the weekly low at 103.67 (June 27) ahead of another weekly low at 103.41 (June 16).

Below the 200-day SMA at 105.59, the Dollar’s outlook should remain negative.

Technical Levels: Supports and Resistances

EURUSD currently trading at 104.51 at the time of writing. Pair opened at 104.6 and is trading with a change of -0.09 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 106.17, 50 SMA 109.0, 100 SMA @ 109.17 and 200 SMA @ 106.08.

The previous day high was 104.61 while the previous day low was 104.56. The daily 38.2% Fib levels comes at 104.59, expected to provide resistance. Similarly, the daily 61.8% fib level is at 104.58, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 104.57, 104.55, 104.53
• Pivot resistance is noted at 104.62, 104.64, 104.66

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