#EURUSD @ 1.07551 Price Analysis: Renews two-month low near 1.0750, multi-month-old support eyed, @nehcap view: Limited downside expected (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)]

The pair currently trades last at 1.07551.

The previous day high was 1.082 while the previous day low was 1.076. The daily 38.2% Fib levels comes at 1.0783, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0798, expected to provide resistance.

EUR/USD holds lower grounds as bears prod the 1.0750 mark after falling to the fresh low since late March during early Thursday in Asia. In doing so, the Euro pair drops for the third consecutive day while slipping beneath the weekly low, as well as the two-month bottom marked the last week.

It should be noted that the Euro pair’s U-turn from the 100-DMA hurdle and bearish MACD signals add strength to the bearish bias. However, the RSI (14) line is nearly oversold and hence suggests limited downside room before the next leg of the south run.

As a result, the EUR/USD bears are well set to break the 1.0750 support and approach the 1.0700 round figure. However, an upward-sloping support line from late November 2022, close to 1.0690 by the pres time, gains the market’s attention.

In a case where the Euro pair breaks the aforementioned support line, the odds of witnessing a slump toward March’s low of 1.0515 and then toward the yearly low marked in January near 1.0480 can’t be ruled out.

On the other hand, a daily closing beyond the 100-DMA level of 1.0815 isn’t an open welcome for the EUR/USD bulls as the previous support line from September 2022, around 1.0920 at the latest, holds the key for the buyer’s entry.

Following that, the 1.1000 psychological magnet may act as an extra barrier for the Euro buyers targeting further upside of the pair.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0746 at the time of writing. Pair opened at 1.077 and is trading with a change of -0.22% % .

The pair is trading below its 20 Daily moving average @ 1.093, below its 50 Daily moving average @ 1.0897 , below its 100 Daily moving average @ 1.0812 and above its 200 Daily moving average @ 1.0473

The previous day high was 1.082 while the previous day low was 1.076. The daily 38.2% Fib levels comes at 1.0783, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0798, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0747, 1.0723, 1.0687
• Pivot resistance is noted at 1.0807, 1.0844, 1.0867

[/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