#EURUSD @ 1.07604 bulls approach 100-day EMA hurdle after rising the most in seven weeks., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• EUR/USD bulls approach 100-day EMA hurdle after rising the most in seven weeks.
• Clear rebound from multi-day-old ascending support line, 200-day EMA favors buyers.
• 100-day EMA, downbeat RSI and US NFP may recall Euro bears in case of surprises.

The pair currently trades last at 1.07604.

The previous day high was 1.0768 while the previous day low was 1.0662. 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.

EUR/USD seesaws around 1.0760 during Friday’s sluggish Asian session, after rising the most in nearly two months the previous day. In doing so, the Euro pair portrays the pre-NFP consolidation amid a cautious mood and a light calendar, as well as mixed technical catalysts.

Also read: Forex Today: The rally is finally here, and the Dollar knows it

That said, the Euro pair’s successful break of a one-month-old descending trend line joins the receding bearish bias of the MACD indicator to keep the EUR/USD bulls hopeful in crossing the immediate hurdle comprising the 100-day Exponential Moving Average (EMA) of near 1.0775.

However, the RSI (14) line remains below 50.0 and suggests a lack of upside momentum, which in turn may join a surprise improvement in the US jobs report, which is less likely, to recall the EUR/USD bears.

In a case where the EUR/USD crosses the 1.0775 hurdle, the 1.0800 round figure and the late May swing high near 1.0835 may prod the bulls.

On the flip side, a convergence of the previous resistance line and the 200-day EMA, around 1.0690-85, restrict immediate declines of the EUR/USD pair ahead of the previously mentioned rising support line from October 2022, close to 1.0635 at the latest.

It’s worth noting that the EUR/USD pair’s weakness past 1.0635 makes it vulnerable to drop toward the yearly low of around 1.0480 marked in January.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.076 at the time of writing. Pair opened at 1.0762 and is trading with a change of -0.02% % .

The pair is trading below its 20 Daily moving average @ 1.0828, below its 50 Daily moving average @ 1.0898 , below its 100 Daily moving average @ 1.0814 and above its 200 Daily moving average @ 1.0498

The previous day high was 1.0768 while the previous day low was 1.0662. 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 1.0693, 1.0624, 1.0587
• Pivot resistance is noted at 1.08, 1.0837, 1.0906

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