#EURUSD @ 1.10671 rallied to a fresh multi-month high, nearby 1.1100. (Pivot Orderbook analysis)
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- EUR/USD rallied to a fresh multi-month high, nearby 1.1100.
- Fears around another round of a banking crisis in the US weighed on the odds for a Fed 25 bps rate hike.
The pair currently trades last at 1.10671.
The previous day high was 1.1067 while the previous day low was 1.0964. The daily 38.2% Fib levels comes at 1.1003, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1028, expected to provide support.
The EUR/USD soars sharply above the past yearly high of 1.1076 and hits a 13-month high at around 1.1095. Concerns about the health of regional banks in the United States (US) triggered flows outside the US Dollar (USD), as shown by the US Dollar Index (DXY), collapsing 0.75%. At the time of writing, the EUR/USD is trading at 1.1067.
As the North American session began, the EUR/USD achieved a daily high shy of the 1.1100 figure, as First Republic Bank, which took over Silicon Valley Bank (SVB), witnessed its shares plunge 49% on Tuesday, as deposits shrank. That sparked fears of a possible contagion and a potential pause on the US Federal Reserve (Fed) tightening cycle. Therefore, the greenback fell.
US Treasury bond yield dropping is one reason for the EUR/USD’s rise. Additionally, expectations for a US Federal Reserve 25 bps rate hike diminished to 75.3%, compared to 1 week 83.3%.
The EUR/USD jumped from around the R1 daily pivot at 1.1040 and accelerated its uptrend towards the 1.1095 multi-month high, some pips of reaching the R1 daily pivot. Though it has retraced some 30 pips from the daily high, buyers are still in charge of the uptrend, and the 1.1100 figure is still in sight.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.1073 at the time of writing. Pair opened at 1.0973 and is trading with a change of 0.91 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.1073 |
| 1 | Today Daily Change | 0.0100 |
| 2 | Today Daily Change % | 0.9100 |
| 3 | Today daily open | 1.0973 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.094, 50 SMA 1.0778, 100 SMA @ 1.0747 and 200 SMA @ 1.0401.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0940 |
| 1 | Daily SMA50 | 1.0778 |
| 2 | Daily SMA100 | 1.0747 |
| 3 | Daily SMA200 | 1.0401 |
The previous day high was 1.1067 while the previous day low was 1.0964. The daily 38.2% Fib levels comes at 1.1003, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1028, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0936, 1.0898, 1.0832
- Pivot resistance is noted at 1.1039, 1.1104, 1.1142
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.1067 |
| Previous Daily Low | 1.0964 |
| Previous Weekly High | 1.1000 |
| Previous Weekly Low | 1.0909 |
| Previous Monthly High | 1.0930 |
| Previous Monthly Low | 1.0516 |
| Daily Fibonacci 38.2% | 1.1003 |
| Daily Fibonacci 61.8% | 1.1028 |
| Daily Pivot Point S1 | 1.0936 |
| Daily Pivot Point S2 | 1.0898 |
| Daily Pivot Point S3 | 1.0832 |
| Daily Pivot Point R1 | 1.1039 |
| Daily Pivot Point R2 | 1.1104 |
| Daily Pivot Point R3 | 1.1142 |
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