#EURUSD @ 1.04649 D prints three-day downtrend inside a bearish chart formation., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• EUR/USDD prints three-day downtrend inside a bearish chart formation.
• Downbeat MACD signals, steady RSI adds strength to the bearish bias.
• 200-DMA adds to the downside filters, 1.0615 is the key hurdle.

The pair currently trades last at 1.04649.

The previous day high was 1.0533 while the previous day low was 1.046. The daily 38.2% Fib levels comes at 1.0488, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0505, expected to provide resistance.

EUR/USD holds lower ground near 1.0460 as bears keep the reins for the third consecutive day despite the market’s inaction during early Wednesday.

In doing so, the major currency pair trades inside a one-month-old rising wedge bearish chart formation.

Also keeping the EUR/USD sellers hopeful are downbeat MACD signals and the a steady RSI line, placed at 14.

However, a clear downside break of the 1.0420 support, as well as the sustained trading below the 200-DMA level surrounding 1.0355, becomes necessary for the EUR/USD bears to dominate further.

Following that, the theoretical target of 0.9760 and November’s low of 0.9730 could gain the market’s attention.

Alternatively, recovery remains elusive unless the EUR/USD pair remains below the 1.0600 threshold.

Even so, a convergence of the late June swing high and upper line of the stated wedge, around 1.0615, appears crucial resistance to watch during the quote’s advances past 1.0600.

In a case where EUR/USD stays firmer past 1.0600, the bulls won’t hesitate to challenge May’s peak surrounding 1.0790.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0468 at the time of writing. Pair opened at 1.047 and is trading with a change of -0.02 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0359, 50 SMA 1.0055, 100 SMA @ 1.0056 and 200 SMA @ 1.0361.

The previous day high was 1.0533 while the previous day low was 1.046. The daily 38.2% Fib levels comes at 1.0488, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0505, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0442, 1.0414, 1.0368
• Pivot resistance is noted at 1.0515, 1.0561, 1.0589

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