#EURUSD @ 1.06924 picks up bids to refresh intraday high amid firmer sentiment., @nehcap view: Pullback expected (Pivot Orderbook analysis)

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• EUR/USD picks up bids to refresh intraday high amid firmer sentiment.
• US regulators unveil action plan to tame risks emanating from Silicon Valley Bank, Signature Bank.
• Hidden bearish RSI divergence teases another pullback from 200-SMA but 100-SMA defends bulls.

The pair currently trades last at 1.06924.

The previous day high was 1.0701 while the previous day low was 1.0574. The daily 38.2% Fib levels comes at 1.0652, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0622, expected to provide support.

EUR/USD grinds near an intraday high of around 1.0700 during a three-day uptrend to Monday morning in Asia. In doing so, the major currency pair pokes the 200-SMA as the market’s upbeat sentiment weighs on the US Dollar’s haven demand. It should be noted, however, that the hidden bearish RSI divergence challenges the Euro buyers ahead of the European Central Bank (ECB) monetary policy meeting, up for Thursday.

Also read: AUD/USD marches towards 0.6650 as fears from SVB abate, Aussie employment, US inflation eyed

That said, the EUR/USD’s higher highs on price fail to gain support from the Relative Strength Index (RSI) 14 as it forms a lower high, which in turn suggests a lack of enough bullish momentum to cross the immediate key hurdle, namely the 200-SMA level surrounding 1.0710.

Even if the EUR/USD manages to surpass the 1.0710 resistance, the 50% Fibonacci retracement level of its early February-March downside, near 1.0780, will precede the mid-February swing high near 1.0810 to challenge the bulls.

On the flip side, EUR/USD pullback remains elusive unless the quote stays beyond the 100-SMA support of 1.0620. Following that, an upward-sloping trend line from the last Wednesday, close to 1.0585 at the latest, will be in focus.

In a case where the EUR/USD pair remains bearish past 1.0585, the odds of witnessing a fresh monthly low, currently around 1.0525, can’t be ruled out.

Trend: Pullback expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.069 at the time of writing. Pair opened at 1.0637 and is trading with a change of 0.50% % .

The pair is trading above its 20 Daily moving average @ 1.0634, below its 50 Daily moving average @ 1.0722 , above its 100 Daily moving average @ 1.0534 and above its 200 Daily moving average @ 1.0326

The previous day high was 1.0701 while the previous day low was 1.0574. The daily 38.2% Fib levels comes at 1.0652, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0622, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0574, 1.0511, 1.0447
• Pivot resistance is noted at 1.07, 1.0764, 1.0827

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