#EURUSD @ 1.06739 takes offers to refresh intraday low, extends U-turn from 10-DMA., @nehcap view: Further downside expected (Pivot Orderbook analysis)
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- EUR/USD takes offers to refresh intraday low, extends U-turn from 10-DMA.
- Bearish MACD signals, clear break of three-month-old ascending trend line favor sellers.
- Ascending trend line from early December 2022 lures Euro sellers.
- Buyers need to cross 1.0805 to jump back in the driver’s seat.
The pair currently trades last at 1.06739.
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.
EUR/USD takes offers to extend the week-start losses from the 10-DMA to 1.0670 during early Tuesday. In addition to a pullback from the short-term key moving average, bearish MACD signals and the pair’s sustained downside break of the previous support line from late November 2022 also keep the sellers hopeful.
As a result, the EUR/USD bears are well-set to revisit an upward-sloping support line from early December, close to 1.0620 by the press time.
However, the major currency pair’s further downside appears difficult as lows marked so far during February and January, respectively near 1.0610 and 1.0480, could probe the sellers afterward.
Also acting as a downside filter is the early December 2022 swing low surrounding 1.0440.
On the flip side, the 10-DMA and the three-month-old previous support line could challenge the EUR/USD pair’s recovery around 1.0700 and 1.0730 levels.
Following that, a three-week-long horizontal resistance area near 1.0800-05 could act as the last defense of the EUR/USD bears.
In a case where the EUR/USD pair remains firmer past 1.0805, the odds of witnessing a run-up towards the 1.1000 psychological magnet and then to the monthly high near 1.1035 can’t be ruled out.
Trend: Further downside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0674 at the time of writing. Pair opened at 1.0685 and is trading with a change of -0.10% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0674 |
| 1 | Today Daily Change | -0.0011 |
| 2 | Today Daily Change % | -0.10% |
| 3 | Today daily open | 1.0685 |
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
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0788 |
| 1 | Daily SMA50 | 1.0728 |
| 2 | Daily SMA100 | 1.0421 |
| 3 | Daily SMA200 | 1.0330 |
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
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0705 |
| Previous Daily Low | 1.0670 |
| Previous Weekly High | 1.0805 |
| Previous Weekly Low | 1.0613 |
| Previous Monthly High | 1.0930 |
| Previous Monthly Low | 1.0483 |
| Daily Fibonacci 38.2% | 1.0683 |
| Daily Fibonacci 61.8% | 1.0692 |
| Daily Pivot Point S1 | 1.0668 |
| Daily Pivot Point S2 | 1.0652 |
| Daily Pivot Point S3 | 1.0634 |
| Daily Pivot Point R1 | 1.0703 |
| Daily Pivot Point R2 | 1.0721 |
| Daily Pivot Point R3 | 1.0737 |
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