#EURUSD @ 1.07688 struggles for clear directions around five-week high inside short-term ascending triangle., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• EUR/USD struggles for clear directions around five-week high inside short-term ascending triangle.
• Sustained trading above 100-DMA, upbeat oscillators favor four-day uptrend but pre-Fed anxiety challenges traders.
• Mid-February high adds strength to 1.0800 upside hurdle; Euro sellers can return on 1.0700 break.

The pair currently trades last at 1.07688.

The previous day high was 1.0789 while the previous day low was 1.0704. The daily 38.2% Fib levels comes at 1.0756, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0736, expected to provide support.

EUR/USD treads water around 1.0770-80 as pre-Fed anxiety intensifies during early Wednesday. Adding strength to the cautious mood could be a speech from European Central Bank (ECB) President Christine Lagarde, as well as an ascending triangle formation established since March 01.

Also read: EUR/USD aptly portrays pre-Fed anxiety below 1.0800, ECB’s Lagarde eyed

It should be noted, however, that the Euro pair’s successful rebound from the 100-DMA joins the bullish MACD signals and upbeat RSI (14) line, not overbought, to keep the buyers hopeful.

That said, the area between 1.0800 and 1.0700 currently restricts the EUR/USD pair’s moves. Adding strength to the 1.0800 hurdle is the late January low and February 14 swing high. Hence, the EUR/USD pair buyers have a tough run to the north.

On the contrary, a downside break of the 1.0700 support can quickly drag the quote toward the 100-DMA support level surrounding 1.0595.

Though, the 61.8% Fibonacci retracement level of the EUR/USD pair’s run-up between late last November and early February, around 1.0530, can test the bears afterward.

Meanwhile, a successful break of the 1.0800 resistance confluence won’t hesitate to aim for January’s high of near 1.0930 before targeting the Year-To-Date (YTD) high marked in February around 1.1035.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.077 at the time of writing. Pair opened at 1.0768 and is trading with a change of 0.02% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0632, 50 SMA 1.0729, 100 SMA @ 1.0586 and 200 SMA @ 1.0329.

The previous day high was 1.0789 while the previous day low was 1.0704. The daily 38.2% Fib levels comes at 1.0756, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0736, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0718, 1.0669, 1.0634
• Pivot resistance is noted at 1.0803, 1.0838, 1.0887

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