#EURUSD @ 1.09531 fades bounce off 100-SMA while retreating from 21-SMA, sidelined of late., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• EUR/USD fades bounce off 100-SMA while retreating from 21-SMA, sidelined of late.
• Sluggish MACD, steady RSI advocates further volatility ahead.
• One-month-old ascending support line holds the gate for Euro bear’s entry.
• Repeated failures to cross short-term key hurdle lure sellers, bulls need validation from one-week-old horizontal resistance area.

The pair currently trades last at 1.09531.

The previous day high was 1.0983 while the previous day low was 1.0922. The daily 38.2% Fib levels comes at 1.096, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0946, expected to provide support.

EUR/USD treads water around 1.0950 amid the early hours of Thursday’s Asian session. In doing so, the Euro pair fades the corrective bounce off the 100-bar SMA marked a few hours back while retreating from the 21-SMA.

With this, the Euro pair marked repeated failures in crossing the 21-SMA in the current week, which in turn joins the steady RSI (14) line and sluggish MACD signals, mostly bearish, to keep the sellers hopeful.

However, the 100-SMA support of 1.0920 isn’t the key to the EUR/USD pair’s south run as an upward-sloping support line from late March, close to 1.0910 is a crucial challenge for the bears to tackle before taking control.

Following that, a slump toward the April 10 swing low of around 1.0835 can’t be ruled out.

However, the monthly low of 1.0788 and the 61.8% Fibonacci retracement level of the pair’s March-April upside, near 1.0730 could challenge the pair’s further downside afterward.

Meanwhile, recovery moves can’t be confirmed on an upside break of the 21-SMA hurdle of near 1.0965 as a one-week-old horizontal resistance area, close to the 1.1000 psychological magnet, will be crucial for EUR/USD buyers to cross for fresh power.

In a case where the EUR/USD bulls remain in control past 1.1000, the latest peak surrounding 1.1075 will be in the spotlight.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0956 at the time of writing. Pair opened at 1.0972 and is trading with a change of -0.15% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0898, 50 SMA 1.0751, 100 SMA @ 1.0722 and 200 SMA @ 1.0379.

The previous day high was 1.0983 while the previous day low was 1.0922. The daily 38.2% Fib levels comes at 1.096, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0946, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0935, 1.0899, 1.0875
• Pivot resistance is noted at 1.0996, 1.102, 1.1057

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