#EURUSD @ 1.10492 prods three-day winning streak while retreating from one-week-old horizontal hurdle., @nehcap view: Further downside expected (Pivot Orderbook analysis)
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- EUR/USD prods three-day winning streak while retreating from one-week-old horizontal hurdle.
- Overbought RSI (14) line adds strength to the pullback moves targeting fortnight-long support zone.
- 200-HMA acts as an additional downside filter within short-term ascending triangle.
The pair currently trades last at 1.10492.
The previous day high was 1.105 while the previous day low was 1.0966. The daily 38.2% Fib levels comes at 1.1018, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0998, expected to provide support.
EUR/USD is on the cusp of printing the first intraday loss in four as it takes offers to reverse intraday gains around a one-week high, falling to 1.1050 amid early Tuesday morning in Europe. In doing so, the Euro pair takes a U-turn from a short-term key horizontal resistance amid the overbought RSI (14) line.
With this, the EUR/USD sellers are well set to test a two-week-old horizontal support zone of around 1.1000.
However, the 200-Hour Moving Average (HMA) and an upward-sloping trend line from April 10, forming part of a bearish triangle formation, respectively near 1.0985 and 1.0960, can challenge the EUR/USD bears afterward.
In a case where the Euro pair drops below 1.0960, the odds of witnessing a south run towards the 61.8% Fibonacci retracement level of April 10-14 upside, near 1.0930, can act as the last defense of the EUR/USD buyers.
On the contrary, a sustained break of the stated triangle’s top line, close to 1.1070, will defy the bearish chart pattern and can prod the latest multi-month high of around 1.1075.
Though, the EUR/USD pair’s successful trading beyond 1.1075 won’t hesitate to challenge the late March 2022 high surrounding 1.1185.
Overall, EUR/USD pair is likely to decline in the short term but the bullish trend remains intact unless the quote stays beyond 1.0930.
Trend: Further downside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.105 at the time of writing. Pair opened at 1.1046 and is trading with a change of 0.04% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.105 |
| 1 | Today Daily Change | 0.0004 |
| 2 | Today Daily Change % | 0.04% |
| 3 | Today daily open | 1.1046 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0934, 50 SMA 1.0774, 100 SMA @ 1.0742 and 200 SMA @ 1.0398.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0934 |
| 1 | Daily SMA50 | 1.0774 |
| 2 | Daily SMA100 | 1.0742 |
| 3 | Daily SMA200 | 1.0398 |
The previous day high was 1.105 while the previous day low was 1.0966. The daily 38.2% Fib levels comes at 1.1018, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0998, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0991, 1.0937, 1.0907
- Pivot resistance is noted at 1.1076, 1.1105, 1.116
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.1050 |
| Previous Daily Low | 1.0966 |
| Previous Weekly High | 1.1000 |
| Previous Weekly Low | 1.0909 |
| Previous Monthly High | 1.0930 |
| Previous Monthly Low | 1.0516 |
| Daily Fibonacci 38.2% | 1.1018 |
| Daily Fibonacci 61.8% | 1.0998 |
| Daily Pivot Point S1 | 1.0991 |
| Daily Pivot Point S2 | 1.0937 |
| Daily Pivot Point S3 | 1.0907 |
| Daily Pivot Point R1 | 1.1076 |
| Daily Pivot Point R2 | 1.1105 |
| Daily Pivot Point R3 | 1.1160 |
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