#EURUSD @ 1.08470 is looking to recapture a 50% Fibo retracement at 1.0946 amid an upbeat market mood. (Pivot Orderbook analysis)

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• EUR/USD is looking to recapture a 50% Fibo retracement at 1.0946 amid an upbeat market mood.
• The 10-period EMA is acting as a major cushion for the Euro bulls.
• Bullish momentum seems triggered as the RSI (14) has shifted into the 60.00-80.00 range.

The pair currently trades last at 1.08470.

The previous day high was 1.0776 while the previous day low was 1.0726. The daily 38.2% Fib levels comes at 1.0757, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0745, expected to provide support.

The EUR/USD pair has turned sideways after failing to extend its upside journey above the immediate resistance of 1.0860 in the early Tokyo session. The major currency pair is likely to display a rangebound profile as a bumper rally is generally followed by a lackluster performance.

Investors’ risk appetite has improved dramatically after the United States inflation was trimmed in line with the consensus. This led to the end of the third consecutive bullish trading session of the S&P500 as it is highly likely that the Federal Reserve (Fed) will not continue higher interest rates for longer than expected. The US Dollar refreshed a seven-month low at 102.86.

EUR/USD is marching toward the 50% Fibonacci retracement (placed from the 8 January 2021 high at 1.2349 to the 30 September 2022 low at 0.9536) at 1.0946 on a weekly chart. The 10-period Exponential Moving Average (EMA) at 1.0544 has acted as a major support for the Euro bulls. Also, advancing 20-EMA at 1.0400 indicates that the upside bias is solid.

The Relative Strength Index (RSI) (14) has shifted into the bullish range of 60.00-80.00 after a long period of time, which indicates that bullish momentum is active now.

For further upside, EUR/USD needs to surpass Thursday’s high at 1.0869, which will drive the major currency pair towards April 21 high at 1.0936 followed by the psychological resistance at 1.1000.

On the flip side, a breakdown of the January 10 low at 1.0712 will drag the asset toward January 4 high at 1.0635. A slippage below the latter will expose the asset for more downside toward January 3 low at 1.0519.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.085 at the time of writing. Pair opened at 1.0754 and is trading with a change of 0.89 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0635, 50 SMA 1.0463, 100 SMA @ 1.0173 and 200 SMA @ 1.0311.

The previous day high was 1.0776 while the previous day low was 1.0726. The daily 38.2% Fib levels comes at 1.0757, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0745, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0728, 1.0701, 1.0677
• Pivot resistance is noted at 1.0778, 1.0803, 1.0829

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