#EURUSD @ 1.06789 is aiming to recapture the 1.0700 resistance amid an improvement in the risk-aversion theme. (Pivot Orderbook analysis)

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• EUR/USD is aiming to recapture the 1.0700 resistance amid an improvement in the risk-aversion theme.
• Weak retail demand is music to the ears of the ECB, which is putting efforts into achieving price stability.
• Upward-sloping 20-and 50-period EMAs at 1.0644 and 1.0662 respectively, add to the upside filters.

The pair currently trades last at 1.06789.

The previous day high was 1.0639 while the previous day low was 1.0588. The daily 38.2% Fib levels comes at 1.0619, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0608, expected to provide support.

The EUR/USD pair is gathering strength to reclaim the round-level resistance of 1.0700 in the early Asian session. The Euro is getting significant bids amid improved risk appetite for the risk-perceived assets. The US Dollar is struggling for firm feet ahead of the Federal Reserve (Fed) chair Jerome Powell’s testimony. Fed Powell might consider a ‘wait and watch’ approach before endorsing more rates as the street believes that February’s resilient consumer spending could be a ’one-time show’.

S&P500 settled Monday’s trading session with marginal gains, portraying mild optimism among the market participants.

On the economic front, Eurozone Retail Sales continued their annual contraction, landing at -2.3% while the street was expected an expansion by 1.9%. Monthly Retail Sales increased by 0.3% but remained well below the consensus of 1.0%. Weak retail demand is music to the ears of the European Central Bank (ECB), which is putting efforts into achieving price stability.

EUR/USD is approaching the supply zone placed in a range of 1.0698-1.0705 on an hourly scale. The major currency pair is expected to recapture the same considering the strength in the upside momentum.

Upward-sloping 20-and 50-period Exponential Moving Averages (EMAs) at 1.0644 and 1.0662 respectively, add to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00, indicating a continuation of upside momentum.

A fresh upside will be witnessed if the shared currency pair will deliver a break above the supply zone placed in a range of 1.0698-1.0705, which will drive the asset toward February 07 high at 1.0766 followed by February 14 high at 1.0805.

On the flip side, a downside break below March 03 low at 1.0612 will drag the asset toward March 1 low at 1.0577. A slippage below the latter will expose the major to more downside toward February 27 low at 1.0533.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0683 at the time of writing. Pair opened at 1.0635 and is trading with a change of 0.45 % .

The pair is trading above its 20 Daily moving average @ 1.0663, below its 50 Daily moving average @ 1.0726 , above its 100 Daily moving average @ 1.0496 and above its 200 Daily moving average @ 1.0329

The previous day high was 1.0639 while the previous day low was 1.0588. The daily 38.2% Fib levels comes at 1.0619, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0608, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0603, 1.057, 1.0552
• Pivot resistance is noted at 1.0653, 1.0671, 1.0703

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