#EURUSD @ 1.06122 picks up bids to pare recent losses inside a trend continuation pattern., @nehcap view: Further recovery expected (Pivot Orderbook analysis)

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• EUR/USD picks up bids to pare recent losses inside a trend continuation pattern.
• Two-week-old symmetrical triangle limits immediate Euro moves below 200-EMA hurdle.
• Bearish MACD signals, sustained trading below the key EMA keeps sellers hopeful.

The pair currently trades last at 1.06122.

The previous day high was 1.0673 while the previous day low was 1.0577. The daily 38.2% Fib levels comes at 1.0613, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0636, expected to provide resistance.

EUR/USD licks its wounds around 1.0600 after posting the biggest daily fall in nearly a month. That said, the Euro pair bounces off the support line of the two-week-long symmetrical triangle during early Friday while paring the previous day’s losses.

It’s worth noting, however, that the bearish MACD signals join the major currency pair’s sustained trading below the 200-Exponential Moving Average (EMA) to challenge the bull’s bias.

As a result, the latest rebound appears difficult below the aforementioned triangle’s top line of near 1.0675, as well as the 200-EMA level surrounding 1.0685.

In a case where the EUR/USD price rallies beyond the 1.0685 hurdle, the 1.0700 threshold may act as a validation point for the run-up targeting the mid-February swing high surrounding 1.0800.

On the contrary, a downside break of the stated triangle’s lower line, around 1.0580 by the press time, could join the bearish MACD signals to recall the EUR/USD sellers.

In that situation, the weekly low surrounding 1.0530 could challenge the pair’s further downside ahead of January’s bottom near 1.0480.

Overall, EUR/USD traders can ignore the pair’s latest rebound unless the quote breaks the 1.0685 hurdle. However, the downside room appears limited.

Trend: Further recovery expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0602 at the time of writing. Pair opened at 1.06 and is trading with a change of 0.02% % .

The pair is trading below its 20 Daily moving average @ 1.0671, below its 50 Daily moving average @ 1.0726 , above its 100 Daily moving average @ 1.0487 and above its 200 Daily moving average @ 1.0329

The previous day high was 1.0673 while the previous day low was 1.0577. The daily 38.2% Fib levels comes at 1.0613, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0636, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.056, 1.052, 1.0464
• Pivot resistance is noted at 1.0657, 1.0713, 1.0753

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