#EURUSD @ 1.05751 grinds higher inside a one-month-old bullish triangle., @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 grinds higher inside a one-month-old bullish triangle.
• Nearly overbought RSI, sluggish MACD signals hint at limited upside room.
• Convergence of the key EMAs restricts short-term downside of the EUR/USD pair.

The pair currently trades last at 1.05751.

The previous day high was 1.0565 while the previous day low was 1.049. The daily 38.2% Fib levels comes at 1.0536, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0518, expected to provide support.

EUR/USD picks up bids to 1.0580 as buyers approach the weekly top, also the highest levels since late June, during early Friday morning in Europe.

The major currency pair’s run-up could be well-linked to the bull cross on the Daily chart as the 50-day Exponential Moving Average (EMA) crosses the 100-day EMA from below. Also favoring the buyers is the firmer RSI (14) and the absence of the bearish MACD signals. That said, the EUR/USD pair stays firmer inside a one-month-old ascending triangle.

However, sluggish MACD and the nearly overbought RSI conditions highlight the likely pullback of the major currency pair from the monthly triangle’s resistance line, close to 1.0630 by the press time.

In a case where the EUR/USD bulls cross the 1.0630 hurdle, the 1.0700 threshold and June’s peak surrounding 1.0775 should return to the chart.

On the contrary, a downside break of the stated triangle’s support line, near 1.0465 at the latest, could quickly drag the quote toward the 200-day EMA level of 1.0395.

However, the 50-day EMA and the 100-day EMA could challenge the EUR/USD bears afterward, around 1.0215 and 1.0190 in that order.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0579 at the time of writing. Pair opened at 1.0556 and is trading with a change of 0.22% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0402, 50 SMA 1.0085, 100 SMA @ 1.0062 and 200 SMA @ 1.0355.

The previous day high was 1.0565 while the previous day low was 1.049. The daily 38.2% Fib levels comes at 1.0536, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0518, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0508, 1.0461, 1.0433
• Pivot resistance is noted at 1.0584, 1.0612, 1.0659

[/s2If]
Join Our Telegram Group