#EURUSD @ 1.09914 seesaws around 10-week high after rising in the last two consecutive day., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• EUR/USD seesaws around 10-week high after rising in the last two consecutive day.
• Three-week-old rising wedge’s top line joins overbought RSI (14) to challenge Euro bulls.
• Multiple hurdles towards the south to challenge EUR/USD bears, 1.0755 is the key.

The pair currently trades last at 1.09914.

The previous day high was 1.1 while the previous day low was 1.0911. The daily 38.2% Fib levels comes at 1.0966, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0945, expected to provide support.

EUR/USD bulls take a breather around 1.1000, making rounds to 2.5-month high amid a three-day uptrend during early Thursday.

The major currency pair’s latest run-up could be linked to a successful break of the previous weekly high, as well as the bullish MACD signals. However, the top line of a three-week-old rising wedge bearish chart formation joins overbought RSI (14) conditions to challenge the Euro bulls of late.

As a result, the EUR/USD pair’s upside appears to have little room unless it successfully stays beyond the 1.1010 immediate resistance.

Even if the quote manages to cross the 1.1010 hurdle, the Year-To-Date (YTD) high marked in February at around 1.1035 can act as an extra filter towards the north before directing EUR/USD towards the late March 2022 high of around 1.1185.

Alternatively, a downside break of one-week-old horizontal support around 1.0975-70, the previous resistance, puts a floor under the EUR/USD prices for intraday. Following that, a three-week-long horizontal support zone near 1.0930 will challenge the pair sellers.

However, a convergence of the 100-SMA and the stated wedge’s bottom line, around 1.0870-65, becomes crucial to watch during the quote’s further downside.

It should be noted that the 200-SMA level surrounding 1.0755 acts as an extra filter towards the south.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0997 at the time of writing. Pair opened at 1.0992 and is trading with a change of 0.05% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0839, 50 SMA 1.0736, 100 SMA @ 1.0698 and 200 SMA @ 1.0362.

The previous day high was 1.1 while the previous day low was 1.0911. The daily 38.2% Fib levels comes at 1.0966, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0945, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0935, 1.0878, 1.0845
• Pivot resistance is noted at 1.1025, 1.1057, 1.1114

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