#EURUSD @ 1.08527 bears keep the reins at the lowest levels in five weeks., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• EUR/USD bears keep the reins at the lowest levels in five weeks.
• Clear downside break of 50-DMA, multi-day-old ascending trend line favors Euro bears.
• Mixed oscillators suggest limited downside room and highlight 100-DMA as the key support.
• Recovery remains elusive below 1.0950, rising trend line from early February appears the key upside hurdle.

The pair currently trades last at 1.08527.

The previous day high was 1.0936 while the previous day low was 1.0848. The daily 38.2% Fib levels comes at 1.0881, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0902, expected to provide resistance.

EUR/USD holds lower ground near 1.0850 as bears take a breather after refreshing the monthly low during early Monday.

Even so, the Euro pair sellers remain hopeful as the quote keeps Friday’s downside break of an upward-sloping support line from late September 2022, as well as the 50-DMA. Adding strength to the downside bias are the bearish MACD signals.

However, the RSI (14) line trades below the 50 level and hence suggest bottom-picking, which in turn can help the EUR/USD price to rebound from the 100-DMA support of around 1.0800.

Also acting as short-term key support is an area comprising the highs marked during the mid-March around 1.0760-50.

In a case where the EUR/USD price remains bearish past 1.0750, the odds of witnessing a gradual south-run towards the yearly low of near 1.0480 and then to the 200-DMA support of around 1.0455 can’t be ruled out.

On the flip side, the support-turned-resistance line and the 50-DMA, around 1.0865-75 by the press time, guard immediate recovery of the EUR/USD pair.

Following that, the 1.0950 and the 1.1000 round figure can entertain the EUR/USD bulls before directing them to an upward-sloping resistance line from February 2023, close to 1.1110 by the press time.

Overall, EUR/USD remains on the bear’s radar despite the latest inaction.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0851 at the time of writing. Pair opened at 1.0849 and is trading with a change of 0.02% % .

The pair is trading below its 20 Daily moving average @ 1.0985, below its 50 Daily moving average @ 1.0871 , above its 100 Daily moving average @ 1.0799 and above its 200 Daily moving average @ 1.0453

The previous day high was 1.0936 while the previous day low was 1.0848. The daily 38.2% Fib levels comes at 1.0881, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0902, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0819, 1.079, 1.0732
• Pivot resistance is noted at 1.0907, 1.0965, 1.0994

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