#EURUSD @ 1.06319 The Euro reached a seven-month high but cut some of its gains, up by 0.92%. (Pivot Orderbook analysis)

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• The Euro reached a seven-month high but cut some of its gains, up by 0.92%.
• A daily close above 1.0600 could pave the way for the EUR/USD toward 1.0700.
• EUR/USD: Break below 1.0600 could exacerbate a fall to 1.0500.

The pair currently trades last at 1.06319.

The previous day high was 1.058 while the previous day low was 1.0506. The daily 38.2% Fib levels comes at 1.0534, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0552, expected to provide support.

The EUR/USD hit a seven-month high at around 1.0673, but although it remains positive, it trimmed some of its earlier gains late in the New York session. Hence, the EUR/USD is trading at 1.0631, above its opening price by 0.89%, at the time of writing.

Tuesday’s price action depicts the EUR/USD trading at multi-month highs, punching through the 24-month-old downslope resistance trendline, broken around 1.0593, exacerbating a rally above the psychological 1.0600 mark. Additionally, the Euro is trading at around the 2020 lows, at 1.0635, which, once cleared, could open the door for a test of the 1.0700 mark.

The Relative Strength Index (RSI) is in bullish territory, about to enter the overbought region. Meanwhile, the Rate of Change (RoC) depicts that buying pressure is fading. Therefore, mixed signals suggest consolidation around the 1.0600-1.0630 area. A daily close above 1.0600 could exacerbate a rally toward 1.077, but it would depend on Wednesday’s Federal Reserve monetary policy meeting.

EUR/USD key resistance levels lie at 1.0673, followed by the psychological 1.0700 figure, followed by the May 30 swing high at around 1.0786. On the flip side, the EUR/USD first support would be the 1.0600 mark. Break below will expose the December 13 low of 1.0528, followed by the 1.0500 figure.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0632 at the time of writing. Pair opened at 1.0536 and is trading with a change of 0.91 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0421, 50 SMA 1.0114, 100 SMA @ 1.0068 and 200 SMA @ 1.0351.

The previous day high was 1.058 while the previous day low was 1.0506. The daily 38.2% Fib levels comes at 1.0534, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0552, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0501, 1.0466, 1.0427
• Pivot resistance is noted at 1.0575, 1.0615, 1.065

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