#EURUSD @ 1.06598 remains sidelined around the key moving average after rising the most in one month., @nehcap view: Limited upside expected (Pivot Orderbook analysis)
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- EUR/USD remains sidelined around the key moving average after rising the most in one month.
- Successful bounce off 200-EMA, looming bull cross on MACD keep buyers hopeful.
- Six-week-old horizontal resistance, January’s top challenge Euro buyers.
The pair currently trades last at 1.06598.
The previous day high was 1.0692 while the previous day low was 1.0565. The daily 38.2% Fib levels comes at 1.0643, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0614, expected to provide support.
EUR/USD treads water around 1.0660-70 during Thursday’s sluggish Asian session, after posting the biggest daily jump in a month. In doing so, the major currency pair seesaws around the 50-Exponential Moving Average (EMA).
That said, an impending bull cross on the MACD joins the Euro pair’s successful rebound from the convergence of a 200-EMA and 38.2% Fibonacci retracement of the quote’s run-up from November 2022 to February 2023 keeps the EUR/USD buyers hopeful.
It’s worth noting that a sustained break of the 50-EMA level surrounding 1.0665 could trigger the pair’s jump towards a 1.5-month-old horizontal resistance area near 1.0810.
Following that, the January 2023 peak of around 1.0930 could act as an extra filter towards the north before directing the EUR/USD bulls to the previous monthly top of 1.1033.
On the flip side, a daily closing beneath the 1.0535-30 support confluence, including the 200-EMA and aforementioned Fibonacci retracement level, appears a tough nut to crack for the EUR/USD bears.
Even if the EUR/USD price breaks the 1.0530 support, lows marked during January 2023 and the 50% Fibonacci retracement level, respectively around 1.0480 and 1.0380, could try defending the pair buyers before welcoming the bears.
Overall, EUR/USD remains on the bull’s radar despite the latest inaction. However, the upside room appears limited.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0667 at the time of writing. Pair opened at 1.0665 and is trading with a change of 0.02% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0667 |
| 1 | Today Daily Change | 0.0002 |
| 2 | Today Daily Change % | 0.02% |
| 3 | Today daily open | 1.0665 |
The pair is trading below its 20 Daily moving average @ 1.0687, below its 50 Daily moving average @ 1.0726 , above its 100 Daily moving average @ 1.0478 and above its 200 Daily moving average @ 1.033
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0687 |
| 1 | Daily SMA50 | 1.0726 |
| 2 | Daily SMA100 | 1.0478 |
| 3 | Daily SMA200 | 1.0330 |
The previous day high was 1.0692 while the previous day low was 1.0565. The daily 38.2% Fib levels comes at 1.0643, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0614, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.059, 1.0515, 1.0464
- Pivot resistance is noted at 1.0716, 1.0767, 1.0842
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0692 |
| Previous Daily Low | 1.0565 |
| Previous Weekly High | 1.0705 |
| Previous Weekly Low | 1.0536 |
| Previous Monthly High | 1.1033 |
| Previous Monthly Low | 1.0533 |
| Daily Fibonacci 38.2% | 1.0643 |
| Daily Fibonacci 61.8% | 1.0614 |
| Daily Pivot Point S1 | 1.0590 |
| Daily Pivot Point S2 | 1.0515 |
| Daily Pivot Point S3 | 1.0464 |
| Daily Pivot Point R1 | 1.0716 |
| Daily Pivot Point R2 | 1.0767 |
| Daily Pivot Point R3 | 1.0842 |
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