#EURUSD @ 1.10099 remains defensive during two-day losing streak, sidelined of late. (Pivot Orderbook analysis)
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- EUR/USD remains defensive during two-day losing streak, sidelined of late.
- Hawkish ECB bias, mixed US data allow Euro bulls to remain hopeful.
- Challenges to sentiment, unimpressive EU statistics keep traders on the dicey floor.
- Q1 GDP for Eurozone and Germany can entertain traders ahead of Fed’s favorite inflation gauge, namely Core PCE Price Index.
The pair currently trades last at 1.10099.
The previous day high was 1.1064 while the previous day low was 1.0992. The daily 38.2% Fib levels comes at 1.1019, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1036, expected to provide resistance.
EUR/USD clings to mild losses near 1.1020 during early Friday in Europe as it tries to keep bears on the table after welcoming them the previous day. With this, the Euro pair aptly portrays the market’s anxiety ahead of the top-tier growth numbers from the bloc, as well as the Federal Reserve’s (Fed) preferred inflation gauge.
EUR/USD eased from the 13-month high on Thursday even after softer US Gross Domestic Product (GDP) for the first quarter (Q1), not to forget mixed Eurozone sentiment numbers. The reason could be linked to the absence of commentary from the European Central Bank (ECB) and the Fed officials ahead of next week’s monetary policy meetings by these central banks. Also likely to have called the Euro sellers are the upbeat inflation signals from the GDP and the Personal Consumption Expenditure (PCE) Prices for Q1.
Further, US banking fallout fears regain momentum amid reports that the First Republic Bank (FRB) plans to sell half its loan book to fill a $100B deposit flight gap, which in turn should have teased the EUR/USD sellers even if the tech giants kept the market optimistic.
Elsewhere, the likely deadlock over the US debt ceiling talks, as most policymakers have contrasting views, also prods the optimists during the pre-data anxiety and restricts EUR/USD moves. Recently, House Speak Kevin McCarthy said, “I won’t pass a clean debt-limit increase.”
On the same line is the escalation in the geopolitical fears surrounding China. Earlier in the day, China’s Envoy to Japan said, “The issue surrounding Taiwan is a red line that should not be crossed.”
Amid these plays, the S&P500 Futures remain directionless around mid-4,100s after rising the most in 1.5 months the previous day whereas the US Treasury bond yields grind higher and put a floor under the US Dollar Index (DXY).
Looking ahead, a likely improvement in the German and Eurozone GDP figures can challenge the EUR/USD sellers. However, the pair traders should wait for the US Core PCE Price Index for March, expected to ease to 4.5% YoY versus 4.6% prior, for clear directions. In a case where the Fed’s preferred inflation gauge print higher numbers, the major currency pair may decline heavily.
EUR/USD pair’s retreat from an upward-sloping resistance line from early February, close to 1.1075 by the press time, keeps sellers hopeful amid sluggish oscillators. The pullback moves, however, remain elusive unless providing a daily close below a two-month-old ascending support line, near 1.0990 at the latest.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.102 at the time of writing. Pair opened at 1.1028 and is trading with a change of -0.07% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.102 |
| 1 | Today Daily Change | -0.0008 |
| 2 | Today Daily Change % | -0.07% |
| 3 | Today daily open | 1.1028 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0956, 50 SMA 1.0792, 100 SMA @ 1.0757 and 200 SMA @ 1.041.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0956 |
| 1 | Daily SMA50 | 1.0792 |
| 2 | Daily SMA100 | 1.0757 |
| 3 | Daily SMA200 | 1.0410 |
The previous day high was 1.1064 while the previous day low was 1.0992. The daily 38.2% Fib levels comes at 1.1019, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1036, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.0992, 1.0957, 1.0921
- Pivot resistance is noted at 1.1064, 1.1099, 1.1135
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.1064 |
| Previous Daily Low | 1.0992 |
| Previous Weekly High | 1.1000 |
| Previous Weekly Low | 1.0909 |
| Previous Monthly High | 1.0930 |
| Previous Monthly Low | 1.0516 |
| Daily Fibonacci 38.2% | 1.1019 |
| Daily Fibonacci 61.8% | 1.1036 |
| Daily Pivot Point S1 | 1.0992 |
| Daily Pivot Point S2 | 1.0957 |
| Daily Pivot Point S3 | 1.0921 |
| Daily Pivot Point R1 | 1.1064 |
| Daily Pivot Point R2 | 1.1099 |
| Daily Pivot Point R3 | 1.1135 |
[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group
