#EURUSD @ 1.07363 picks up bids to refresh intraday high, prints two-day uptrend inside weekly bearish channel., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• EUR/USD picks up bids to refresh intraday high, prints two-day uptrend inside weekly bearish channel.
• Clear upside break of one-week-old descending trend line, bullish MACD signals favor buyers.
• Downside remains elusive unless breaking 1.0660 support line.

The pair currently trades last at 1.07363.

The previous day high was 1.073 while the previous day low was 1.0656. The daily 38.2% Fib levels comes at 1.0702, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0684, expected to provide support.

EUR/USD bulls keep the reins as markets brace for the preliminary readings of the fourth quarter (Q4) Eurozone Gross Domestic Product (GDP) and the US Consumer Price Index (CPI) for January during early Tuesday. That said, the major currency pair renews its intraday high near 1.0740 by the press time.

Also read: EUR/USD advances towards 1.0770 as USD Index struggles to find cushion ahead of US CPI

The quote’s latest advances could be linked to the successful break of the descending resistance line from February 03, now support around 1.0700. Also favoring the EUR/USD buyers are the bullish MACD signals.

It’s worth noting, however, that a convergence of the 200-Hour Moving Average (HMA) joins the top line of a one-week-old descending trend channel to offer a tough nut to crack for the EUR/USD bulls around 1.0780.

Following that, the 1.0800 round figure may act as an extra filter towards the north before directing the pair towards the monthly peak of around 1.1035.

On the flip side, a clear break of the resistance-turned-support line, close to 1.0700 at the latest, isn’t an open welcome to the EUR/USD bears as the aforementioned channel’s lower line acts as the last defense of the Euro pair buyers around 1.0655.

Should the EUR/USD pair remains bearish past 1.0655, the odds of witnessing a slump toward January’s low near 1.0485 can’t be ruled out.

Trend: Further upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0736 at the time of writing. Pair opened at 1.0723 and is trading with a change of 0.12% % .

The pair is trading below its 20 Daily moving average @ 1.082, above its 50 Daily moving average @ 1.0711 , above its 100 Daily moving average @ 1.0374 and above its 200 Daily moving average @ 1.0324

The previous day high was 1.073 while the previous day low was 1.0656. The daily 38.2% Fib levels comes at 1.0702, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0684, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0676, 1.0628, 1.0601
• Pivot resistance is noted at 1.075, 1.0777, 1.0825

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