#EURUSD @ 1.10344 is marching north after a solid recovery from 1.1000 ahead of the Eurozone GDP and German HICP. (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 is marching north after a solid recovery from 1.1000 ahead of the Eurozone GDP and German HICP.
- The USD Index has slipped as investors are worried that an increase in the debt-ceiling will impact long-term rating of the US economy.
- EUR/USD is auctioning in an Ascending Triangle pattern, which indicates a volatility contraction.
The pair currently trades last at 1.10344.
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 support. Similarly, the daily 61.8% fib level is at 1.1036, expected to provide resistance.
The EUR/USD pair has stretched its recovery above 1.1030 in the Asian session. Earlier, the major currency pair sensed a significant buying interest from the psychological support of 1.1000 amid a correction in the US Dollar Index (DXY).
The USD Index has slipped further to near 101.00 as investors are worried that approval of the debt-ceiling increase proposal will impact the long-term rating of the United States economy.
On the Eurozone front, Friday’s preliminary Eurozone Gross Domestic Product (GDP) and German Harmonized Index of Consumer Prices (HICP) carry significant importance as they will be the latest economic indicators before the interest rate decision by the European Central Bank (ECB), which will be announced next week.
EUR/USD is auctioning in an Ascending Triangle chart pattern on an hourly scale, which indicates a volatility contraction. Upward-sloping trendline of the aforementioned chart pattern is plotted from April 10 low at 1.0837 while the horizontal resistance is placed from April 14 high at 1.0760.
The 20-period Exponential Moving Average (EMA) at 1.1030 is overlapping the asset, indicating a sideways performance.
Also, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range. The shared currency pair is expected to show a power-pack action after the release of the Eurozone economic data.
The major currency pair will capture more gains only after decisively surpassing the round-level resistance of 1.1100. An occurrence of the same will drive the asset towards a fresh 13-month high at 11.85, which is 31 March 2022 high followed by 28 February 2022 high at 1.1246.
On the flip side, a downside move below April 12 low at 1.0915 will drag the asset toward April 10 low at 1.0837 and April 03 low at 1.0788.
EUR/USD hourly chart
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.1032 at the time of writing. Pair opened at 1.1028 and is trading with a change of 0.04 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.1032 |
| 1 | Today Daily Change | 0.0004 |
| 2 | Today Daily Change % | 0.0400 |
| 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 support. 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
