#EURUSD @ 1.08321 stumbled and headed to the 1.0830s area after printing a weekly high at 1.0929. (Pivot Orderbook analysis)

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• EUR/USD stumbled and headed to the 1.0830s area after printing a weekly high at 1.0929.
• US jobs data suggests that the US Federal Reserve is not done raising rates.
• European Central Bank policymakers continue to emphasize that more hikes are coming.

The pair currently trades last at 1.08321.

The previous day high was 1.0912 while the previous day low was 1.0759. The daily 38.2% Fib levels comes at 1.0854, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0818, expected to provide support.

EUR/USD hit a seven-week high but reversed its course, dropping below 1.0900 as the US Dollar (USD) pared some of its earlier losses. On Wednesday, the US Federal Reserve (Fed) raised rates by 25 bps, though market participants perceived it as dovish. That underpinned the EUR/USD, but traders booking profits weakened the Euro (EUR). The EUR/USD is trading at 1.0829, down 0.17%.

Wall Street finished positively. The US Secretary of Treasure Janet Yellen testified before the house and backpedaled on Wednesday’s remarks that the US government is not planning to introduce blanket insurance to all depositors. Yellen said, “The strong actions we have taken ensure that Americans’ deposits are safe. Certainly, we would be prepared to take additional actions if warranted.”

Data-wise, the US Department of Labor revealed that the labor market remains tight, unveiling the Initial Jobless Claims for the last week. Claims rose by 191K, less than the 201K estimates by the market. The Chicago Fed National Activity Index for February plunged to -0.19 vs. the prior’s month 0.23.

Meanwhile, European Central Bank (ECB) officials crossed the wires and remained hawkish. ECB Muller said that the ECB should likely raise rates a little. Echoing some of his comments was Klas Know, adding that the ECB is unlikely to stop raising interest rates.

Sources linked to the ECB commented that policymakers are confident that the Eurozone (EU) banking system stood tall in the recent turbulence. Therefore that would allow the ECB to resume additional interest rate increases.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0831 at the time of writing. Pair opened at 1.0856 and is trading with a change of -0.23 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0644, 50 SMA 1.0731, 100 SMA @ 1.0597 and 200 SMA @ 1.0331.

The previous day high was 1.0912 while the previous day low was 1.0759. The daily 38.2% Fib levels comes at 1.0854, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0818, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0772, 1.0689, 1.0619
• Pivot resistance is noted at 1.0926, 1.0996, 1.1079

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