#EURUSD @ 1.05102 US data beat expectations and sends the US Dollar into a bull correction. (Pivot Orderbook analysis)

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• US data beat expectations and sends the US Dollar into a bull correction.
• EUR/USD bulls are moving in from the lows and eye correction towards 1.0550.

The pair currently trades last at 1.05102.

The previous day high was 1.0595 while the previous day low was 1.048. The daily 38.2% Fib levels comes at 1.0524, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0551, expected to provide resistance.

EUR/USD is perched at the upper end of the bull cycle that started at the end of September’s business on the US Dollar’s weakness. At 1.0507, the Euro is 0.12% on Tuesday so far and has climbed from a low of 1.0489 to a high of 1.0507.

The driver at the start of the week, however, has been in the US Dollar and today’s bid does little to reflect what happened on Monday to risk appetite. US Services industry activity unexpectedly rose in November leading observers to expect that the Federal Reserve may lift interest rates more than recently projected.

DXY, an index that measures the US Dollar vs. the greenback is back into the 105 area following a rise from the lows of the November bearish cycle of 104.11. Consequently, the Euro was on its back foot for the start of the week’s US session while the data helped to encourage a flight to safety after an injection of investor enthusiasm over signs of possible loosening in COVID restrictions in China faded.

Several cities easing their COVID restrictions in China in what appears to be a shift toward gradual reopening as the country nears entering the fourth year of the pandemic had given risk appetite a boost. However, despite the partial relaxation, many restrictions remain in place and in some parts of the nation, new lockdowns and travel restrictions are still being imposed.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0501 at the time of writing. Pair opened at 1.0485 and is trading with a change of 0.15 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0339, 50 SMA 1.0037, 100 SMA @ 1.0053 and 200 SMA @ 1.0364.

The previous day high was 1.0595 while the previous day low was 1.048. The daily 38.2% Fib levels comes at 1.0524, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0551, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0445, 1.0406, 1.0331
• Pivot resistance is noted at 1.056, 1.0635, 1.0675

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