#EURUSD @ 1.06476 is continuously facing selling pressure from 61.8% Fibo retracement around 1.0700. (Pivot Orderbook analysis)

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• EUR/USD is continuously facing selling pressure from 61.8% Fibo retracement around 1.0700.
• The 89-period (High-Low) SMA band is barricading the Euro consistently.
• A slippage by the RSI (14) into the bearish range of 20.00-40.00 will trigger a downside momentum

The pair currently trades last at 1.06476.

The previous day high was 1.0705 while the previous day low was 1.067. The daily 38.2% Fib levels comes at 1.0683, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0692, expected to provide resistance.

The EUR/USD pair has retreated after facing selling interest around 1.0650 in the early Tokyo session. The major currency pair remained extremely volatile as upbeat United States preliminary S&P PMI data resulted in accelerating odds for the continuation of the policy tightening spell by the Federal Reserve (Fed).

Risk-perceived assets like S&P500 witnessed a vertical sell-off as upbeat US PMI data strengthened recession fears. The Fed is going to consider the rebound in the scale of economic activities as a threat to the declining trend in the Consumer Price Index (CPI), which will be addressed by more rate hikes. This pushed the alpha provided on the 10-year US Treasury bonds to 4%.

Meanwhile, the upbeat Eurozone ZEW Survey- Economic Sentiment failed to provide support to the Euro. Higher-than-anticipated sentiment data indicates that the majority of institutional investors are holding an optimistic view on the economic projections.

The presence of potential sellers at the 61.8% Fibonacci retracement (placed from January 6 low at 1.0483 to February high at 1.1033) at 1.0693 is heavily deploying pressure on EUR/USD. This could drag the shared currency pair further.

The 89-period (High-Low) Simple Moving Average (SMA) band is barricading the Euro consistently.

Meanwhile, the Relative Strength Index (RSI) (14) is on the verge of slipping into the bearish range of 20.00-40.00. An occurrence of the same will trigger a downside momentum.

A decisive downside move below February 17 low at 1.0613 will drag the asset toward December 22 low at 1.0573. A slippage below the latter will extend the downside toward January 6 low at 1.0483.

In an alternate scenario, a break above February 16 high at 1.0722 will drive the asset toward 50% Fibo retracement at 1.0758, followed by February 14 high around 1.0800.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0648 at the time of writing. Pair opened at 1.0685 and is trading with a change of -0.35 % .

The pair is trading below its 20 Daily moving average @ 1.0788, below its 50 Daily moving average @ 1.0728 , above its 100 Daily moving average @ 1.0421 and above its 200 Daily moving average @ 1.033

The previous day high was 1.0705 while the previous day low was 1.067. The daily 38.2% Fib levels comes at 1.0683, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0692, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0668, 1.0652, 1.0634
• Pivot resistance is noted at 1.0703, 1.0721, 1.0737

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