#EURUSD @ 1.06396 reached a two-week high at 1.0700 and finished the week with minimal gains. (Pivot Orderbook analysis)

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• EUR/USD reached a two-week high at 1.0700 and finished the week with minimal gains.
• Sentiment shifted sour on a default by the Silicon Valley Bank in the US, at the risk of spillover in the sector.
• US jobs data was mixed but flashed signs of cooling down.
• Germany’s inflation was unchanged and warranted further tightening by the ECB.

The pair currently trades last at 1.06396.

The previous day high was 1.0591 while the previous day low was 1.0538. The daily 38.2% Fib levels comes at 1.0571, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0558, expected to provide support.

The EUR/USD rose 0.45% late in the New York session in a volatile trading day, with Wall Street set to register substantial losses blamed on a US bank collapse. That overshadowed an awaited US jobs report, scrutinized by investors as the US Federal Reserve (Fed) noted that it would increase rates faster. At the time of writing, the EUR/USD exchanges hand at 1.0639.

The US cash equity markets are about to finish the week on the back foot. US regulators seized the Silicon Valley Bank (SVB) after the institution failed to raise capital to meet its requirements. That sent shockwaves across different asset segments as worries for a spillover increased.

Aside from this, the US Department of Labor revealed the February Nonfarm Payrolls report. Figures exceeded forecasts of 205,000 and came at 311,000. Even though the headline made a case for a stronger US Dollar (USD), delving into the details, the Unemployment Rate edged to 3.6% vs. 3.4% estimates, a sign that the labor market is cooling. Average Hourly Earnings increased by 4.6% YoY, below 4.7% estimates.

In the Eurozone (EU) front, Germany reported inflationary data at 8.7% YoY, unchanged from the previous month. The Harmonised Index of Consumer Prices (HICP) rose 9.3% YoY, cementing the case for further tightening by the European Central Bank (ECB).

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0641 at the time of writing. Pair opened at 1.0579 and is trading with a change of 0.59 % .

The pair is trading above its 20 Daily moving average @ 1.0636, below its 50 Daily moving average @ 1.0723 , above its 100 Daily moving average @ 1.0527 and above its 200 Daily moving average @ 1.0326

The previous day high was 1.0591 while the previous day low was 1.0538. The daily 38.2% Fib levels comes at 1.0571, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0558, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0548, 1.0516, 1.0495
• Pivot resistance is noted at 1.0601, 1.0622, 1.0654

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