#EURUSD @ 1.07625 is looking to shift its auction profile above 1.0760 amid weakness in the USD index. (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 looking to shift its auction profile above 1.0760 amid weakness in the USD index.
- This could be a tug of war for the Fed as tight labor market conditions advocate for more rate hikes while contracting factory activities favor a pause.
- Lower-than-anticipated Eurozone inflation has deepened the debate over the interest rate hike by the ECB.
The pair currently trades last at 1.07625.
The previous day high was 1.0736 while the previous day low was 1.0635. The daily 38.2% Fib levels comes at 1.0674, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0697, expected to provide support.
The EUR/USD pair has turned sideways after a massive rally to near 1.0760 in the early Asian session. The major currency pair is looking to shift its auction above the aforementioned resistance as the US Dollar Index (DXY) is going through a declining phase after printing a fresh 10-week high above 104.60.
S&P500 ended Thursday’s session with solid gains after the release of downbeat United States ISM Manufacturing PMI data (May). Investors’ risk appetite is extremely solid, however, confusion about interest rate guidance by the Federal Reserve (Fed) has deepened.
On Thursday, the US ISM Manufacturing PMI remained downbeat. The Manufacturing PMI landed consecutively for the seventh time below 50.0, which is a threshold figure that separates expansion from contraction. The economic data landed at 46.9 from the downwardly revised figure of 47.0. Also, the New Orders Index that indicates forward demand dropped significantly to 42.6 vs. the estimates of 44.9. It seems that higher interest rates by the Fed and tight credit conditions have forced firms to operate with lower capacity. Also, individuals are struggling to avail credit for core goods.
While US Automatic Data Processing (ADP) Employment Change (May) showed an addition of 278K jobs, significantly higher than the estimates of 170K. This could be a tug of war for Fed policymakers as tight labor market conditions advocate for more interest rate hikes while consistently contracting factory activities favor a pause this month.
On the Eurozone front, lower-than-anticipated preliminary inflation for May has deepened debate over an interest rate hike by the European Central Bank (ECB) for June month. ECB President Christine Lagarde is expected to raise interest rates by 25 basis points (bps) as core inflation is still persistent.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.076 at the time of writing. Pair opened at 1.0689 and is trading with a change of 0.66 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0760 |
| 1 | Today Daily Change | 0.0071 |
| 2 | Today Daily Change % | 0.6600 |
| 3 | Today daily open | 1.0689 |
The pair is trading below its 20 Daily moving average @ 1.0841, below its 50 Daily moving average @ 1.0899 , below its 100 Daily moving average @ 1.0815 and above its 200 Daily moving average @ 1.0494
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0841 |
| 1 | Daily SMA50 | 1.0899 |
| 2 | Daily SMA100 | 1.0815 |
| 3 | Daily SMA200 | 1.0494 |
The previous day high was 1.0736 while the previous day low was 1.0635. The daily 38.2% Fib levels comes at 1.0674, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0697, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0638, 1.0586, 1.0537
- Pivot resistance is noted at 1.0738, 1.0787, 1.0838
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0736 |
| Previous Daily Low | 1.0635 |
| Previous Weekly High | 1.0831 |
| Previous Weekly Low | 1.0702 |
| Previous Monthly High | 1.1092 |
| Previous Monthly Low | 1.0635 |
| Daily Fibonacci 38.2% | 1.0674 |
| Daily Fibonacci 61.8% | 1.0697 |
| Daily Pivot Point S1 | 1.0638 |
| Daily Pivot Point S2 | 1.0586 |
| Daily Pivot Point S3 | 1.0537 |
| Daily Pivot Point R1 | 1.0738 |
| Daily Pivot Point R2 | 1.0787 |
| Daily Pivot Point R3 | 1.0838 |
[/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
