#EURUSD @ 1.07300 is trading sideways above 1.0700, and remains lackluster despite approval of the US debt-ceiling raise. (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 trading sideways above 1.0700, and remains lackluster despite approval of the US debt-ceiling raise.
- In spite of the German recession, the ECB is expected to raise interest rates further.
- EUR/USD has slipped below the 61.8% Fibonacci retracement at 1.0738.
The pair currently trades last at 1.07300.
The previous day high was 1.0759 while the previous day low was 1.0702. The daily 38.2% Fib levels comes at 1.0724, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0737, expected to provide resistance.
The EUR/USD pair is showing a back-and-forth action above the round-level support of 1.0700 in the Asian session. The major currency pair is expected to remain in action as the proposal of raising the $31.4 trillion US borrowing limit has been approved for two years after compromising for the budget’s spending initiatives by Democrats.
The US Dollar Index (DXY) is facing barricades in extending its recovery above 104.30 despite the Federal Reserve (Fed) is expected to continue its policy-tightening regime after observing persistence in US households’ spending.
Despite a record of recession in the German economy after showing contraction in Gross Domestic Product (GDP) numbers consecutively for two quarters, the European Central Bank (ECB) is expected to raise interest rates further to tame stubborn inflation. ECB President Christine Lagarde has already announced that more than one interest rate hike is anticipated to bring down inflation.
EUR/USD has slipped below the 61.8% Fibonacci retracement (plotted from March 15 low at 1.0516 to April 26 high at 1.1095) at 1.0738 on a four-hour scale. The 20-period Exponential Moving Average (EMA) at 1.0740 is acting as a strong barrier for the Euro bulls. The asset is auctioning in a Falling Channel in which each pullback is considered as a selling opportunity by market participants.
The Relative Strength Index (RSI) (14) is oscillating in the bearish range of 20.00-40.00, indicating the continuation of the bearish momentum.
The downside move will resume if the shared currency pair drops below the round-level support of 1.0700. This will drag the asset toward March 13 low at 1.0650 followed by March 03 low at 1.0588.
On the flip side, a recovery move above May 24 high around 1.0800 would push the ball in Euro’s court. A solid recovery above 1.0800 would drive the asset toward May 18 high at 1.0848 and May 16 high at 1.0904.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.072 at the time of writing. Pair opened at 1.0725 and is trading with a change of -0.05 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0720 |
| 1 | Today Daily Change | -0.0005 |
| 2 | Today Daily Change % | -0.0500 |
| 3 | Today daily open | 1.0725 |
The pair is trading below its 20 Daily moving average @ 1.0886, below its 50 Daily moving average @ 1.0904 , below its 100 Daily moving average @ 1.0816 and above its 200 Daily moving average @ 1.0483
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0886 |
| 1 | Daily SMA50 | 1.0904 |
| 2 | Daily SMA100 | 1.0816 |
| 3 | Daily SMA200 | 1.0483 |
The previous day high was 1.0759 while the previous day low was 1.0702. The daily 38.2% Fib levels comes at 1.0724, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0737, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.0698, 1.0671, 1.0641
- Pivot resistance is noted at 1.0755, 1.0785, 1.0812
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0759 |
| Previous Daily Low | 1.0702 |
| Previous Weekly High | 1.0831 |
| Previous Weekly Low | 1.0702 |
| Previous Monthly High | 1.1095 |
| Previous Monthly Low | 1.0788 |
| Daily Fibonacci 38.2% | 1.0724 |
| Daily Fibonacci 61.8% | 1.0737 |
| Daily Pivot Point S1 | 1.0698 |
| Daily Pivot Point S2 | 1.0671 |
| Daily Pivot Point S3 | 1.0641 |
| Daily Pivot Point R1 | 1.0755 |
| Daily Pivot Point R2 | 1.0785 |
| Daily Pivot Point R3 | 1.0812 |
[/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
