#EURUSD @ 1.10132 grinds higher while defending the previous day’s U-turn from 21-DMA, upside break of one-week-old resistance., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• EUR/USD grinds higher while defending the previous day’s U-turn from 21-DMA, upside break of one-week-old resistance.
• Bearish MACD signals, limited room towards the north suggest bulls run out of steam.
• Euro sellers need validation from 21-DMA, late March swing high.

The pair currently trades last at 1.10132.

The previous day high was 1.1008 while the previous day low was 1.0942. The daily 38.2% Fib levels comes at 1.0983, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0967, expected to provide support.

EUR/USD prints mild gains around 1.1010 while keeping the previous day’s rebound from the lowest levels in a week amid early Wednesday. In doing so, the Euro pair aptly portrays the market’s cautious mood ahead of the key US data and the Federal Open Market Committee (FOMC) monetary policy meeting announcements.

That said, a clear bounce off the 21-DMA support, around 1.0970 by the press time, followed by an upside break of the one-week-old previous resistance line, now nearby support around 1.0990, keeps the EUR/USD pair buyers hopeful.

However, a one-month-old previous support line, close to 1.1025 at the latest, precedes an upward-sloping resistance line from February 2023, surrounding 1.1075, to challenge the EUR/USD bulls.

It’s worth noting that the MACD signals are bearish but the RSI (14) line is firmer, not overbought, which in turn suggests a gradual run-up in the EUR/USD prices.

On the contrary, a downside break of the previous resistance line from April 26, now immediate support near 1.0990, could direct the Euro sellers towards the 21-DMA support of 1.0970.

Following that, tops marked during late March around 1.0930 may check EUR/USD bears before giving them control.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.1007 at the time of writing. Pair opened at 1.1002 and is trading with a change of 0.05 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0971, 50 SMA 1.0812, 100 SMA @ 1.077 and 200 SMA @ 1.0422.

The previous day high was 1.1008 while the previous day low was 1.0942. The daily 38.2% Fib levels comes at 1.0983, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0967, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.096, 1.0918, 1.0894
• Pivot resistance is noted at 1.1026, 1.105, 1.1091

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