#EURUSD @ 1.10347 retreats from intraday high after snapping two-day uptrend., @nehcap view: Recovery expected (Pivot Orderbook analysis)

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• EUR/USD retreats from intraday high after snapping two-day uptrend.
• Multiple technical indicators challenge immediate moves amid pre-NFP anxiety.
• Looming bull cross on MACD, downbeat US data forecasts keep Euro buyers hopeful.

The pair currently trades last at 1.10347.

The previous day high was 1.1092 while the previous day low was 1.0986. The daily 38.2% Fib levels comes at 1.1026, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1051, expected to provide resistance.

EUR/USD eases from the intraday high even as it pares the previous day’s losses near 1.1020 during the mid-Asian session on Friday. In doing so, the Euro pair portrays the typical pre-NFP anxiety as multiple technical indicators restrict immediate moves.

Also read: EUR/USD stays pressured around 1.1000 after Fed, ECB plays, US NFP eyed

That said, a convergence of the ascending trend line from Tuesday and the 100-bar Exponential Moving Average (EMA), around 1.1010, restricts the immediate downside of the EUR/USD pair amid steady RSI and an impending bull cross on the MACD.

The likely rebound, however, needs to cross the 200-EMA hurdle of around 1.1025 to convince intraday buyers. Even so, a fortnight-old horizontal resistance area surrounding 1.1030-35 appears a tough nut to crack for the EUR/USD bulls.

It’s worth noting that an upward-sloping resistance line from mid-April, close to 1.1095, quickly followed by the 1.1100 round figure, could restrict short-term further upside of the Euro pair past 1.1035.

Meanwhile, pullback moves need not only conquer the 1.1010 support confluence but also the 1.1000 round figure to convince EUR/USD sellers.

Following that, multiple supports near 1.0980 and 1.0940 can challenge the Euro bears before directing them to the previous monthly low of around 1.0790.

Trend: Recovery expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.102 at the time of writing. Pair opened at 1.1013 and is trading with a change of 0.06% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0984, 50 SMA 1.0829, 100 SMA @ 1.0778 and 200 SMA @ 1.043.

The previous day high was 1.1092 while the previous day low was 1.0986. The daily 38.2% Fib levels comes at 1.1026, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1051, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0969, 1.0925, 1.0863
• Pivot resistance is noted at 1.1074, 1.1136, 1.118

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