#EURUSD @ 1.08602 is needed a decisive break above 1.0860 for a confident recovery as the market mood is turning cheerful. (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 needed a decisive break above 1.0860 for a confident recovery as the market mood is turning cheerful.
- US President Joe Biden is set to meet Republican leaders for further negotiations on raising the borrowing cap on Tuesday.
- The pace of Eurozone GDP is seen unchanged on a quarterly and an annual basis at 0.1% and 1.3% respectively.
The pair currently trades last at 1.08602.
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.
The EUR/USD pair attempted a rebound move from 1.0850 but has struggled in extending recovery above 1.0863 in the Asian session. The major currency pair is making efforts for extending recovery as the US Dollar Index (DXY) has shown signs of exhaustion in the upside momentum.
Improving market sentiment has fueled some strength in risk-perceived assets. S&P500 futures have recovered the majority of losses reported in early Asia as investors are ignoring risks associated with United States debt-ceiling issues and are capitalizing on rising expectations that the Federal Reserve (Fed) will pause its policy-tightening spell.
The US Dollar Index (DXY) has shown some volatility in the Asian session after refreshing its five-week high at 102.75 as US President Joe Biden is set to meet Republican leaders for further negotiations on raising the borrowing cap of the US Treasury on Tuesday. However, no practical outcome of Tuesday’s meeting would deeper fears of payment default significantly.
Meanwhile, volatility increment in the USD Index has also impacted US yields. The 10-year US Treasury yields have dropped below 3.46%.
Going forward, the USD Index would show some action amid the release of the US Retail Sales data. Monthly Retail Sales data is seen expanding by 0.7% vs. a contraction of 0.6%. A recovery in the retail demand by households might weak expectations for a rate-hike pause by the Fed.
On the Eurozone front, investors are awaiting the release of the preliminary Gross Domestic Product (GDP) data (Q1), which is scheduled for Tuesday. The pace in GDP growth is seen unchanged on a quarterly and an annual basis at 0.1% and 1.3% respectively. It seems that Eurozone would manage to escape recession ahead.
About interest rate guidance, European Central Bank (ECB) policymaker Peter Kazimir said, “ECB may need to raise interest rates longer than previously thought to help tame inflationary pressures.”
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.086 at the time of writing. Pair opened at 1.0849 and is trading with a change of 0.1 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0860 |
| 1 | Today Daily Change | 0.0011 |
| 2 | Today Daily Change % | 0.1000 |
| 3 | Today daily open | 1.0849 |
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
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0985 |
| 1 | Daily SMA50 | 1.0871 |
| 2 | Daily SMA100 | 1.0799 |
| 3 | Daily SMA200 | 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
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0936 |
| Previous Daily Low | 1.0848 |
| Previous Weekly High | 1.1054 |
| Previous Weekly Low | 1.0848 |
| Previous Monthly High | 1.1095 |
| Previous Monthly Low | 1.0788 |
| Daily Fibonacci 38.2% | 1.0881 |
| Daily Fibonacci 61.8% | 1.0902 |
| Daily Pivot Point S1 | 1.0819 |
| Daily Pivot Point S2 | 1.0790 |
| Daily Pivot Point S3 | 1.0732 |
| Daily Pivot Point R1 | 1.0907 |
| Daily Pivot Point R2 | 1.0965 |
| Daily Pivot Point R3 | 1.0994 |
[/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
