#EURUSD @ 1.07263 has come out of the woods after the USD Index extends its downside. (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 has come out of the woods after the USD Index extends its downside.
- Unlike US Manufacturing PMI, Services PMI has managed to maintain above the 50.0 threshold but landed lower at 50.3.
- EUR/USD has delivered a breakout of the consolidation formed in a narrow range of 1.0707-1.0724.
The pair currently trades last at 1.07263.
The previous day high was 1.0722 while the previous day low was 1.0675. The daily 38.2% Fib levels comes at 1.0704, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0693, expected to provide support.
The EUR/USD pair has delivered an upside break of the consolidation formed in a narrow range below 1.0730 in the Asian session. The major currency pair has got strength as the US Dollar Index (DXY) has shifted its auction below 104.00.
The USD Index is attracting offers after the release of the downbeat United States ISM Services PMI. Unlike Manufacturing PMI, Services PMI has managed to maintain above the 50.0 threshold but landed lower at 50.3 than the expectation of 51.5.
Meanwhile, the Euro is expected to show a power-pack action amid the release of the Eurozone Retail Sales data (April). Monthly data is seen expanding by 0.2% vs. a contraction of 1.2% recorded last month. Annual data is seen contracting by 1.8% against a contraction of 3.8%.
On Monday, while speaking at the Hearing before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels, European Central Bank (ECB) President Christine Lagarde reiterated that price pressure remains strong in the Euro area.
EUR/USD has delivered a breakout of the consolidation formed in a narrow range of 1.0707-1.0724 on an hourly scale. Earlier, the shared currency pair delivered a break above the downward-sloping trendline from May 16 high at 1.0904, which resulted in a bullish reversal.
The 20-period Exponential Moving Average (EMA) at 1.0714 is providing a cushion to the Euro bulls.
Adding to that, the Relative Strength Index (RSI) (14) has jumped into the bullish range of 60.00-80.00, indicating more upside ahead.
Going forward, a decisive break above May 30 high at 1.0746 will drive the asset towards June 02 high at 1.0779 followed by the round-level resistance at 1.0800.
In an alternate scenario, the downside move will resume if the shared currency pair drops below the June 05 low at 1.0675. This will drag the asset towards May 31 low at 1.0635 followed by March 03 low at 1.0588.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.073 at the time of writing. Pair opened at 1.0713 and is trading with a change of 0.16 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0730 |
| 1 | Today Daily Change | 0.0017 |
| 2 | Today Daily Change % | 0.1600 |
| 3 | Today daily open | 1.0713 |
The pair is trading below its 20 Daily moving average @ 1.0798, below its 50 Daily moving average @ 1.0895 , below its 100 Daily moving average @ 1.0812 and above its 200 Daily moving average @ 1.0505
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0798 |
| 1 | Daily SMA50 | 1.0895 |
| 2 | Daily SMA100 | 1.0812 |
| 3 | Daily SMA200 | 1.0505 |
The previous day high was 1.0722 while the previous day low was 1.0675. The daily 38.2% Fib levels comes at 1.0704, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0693, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0684, 1.0656, 1.0637
- Pivot resistance is noted at 1.0732, 1.0751, 1.078
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0722 |
| Previous Daily Low | 1.0675 |
| Previous Weekly High | 1.0779 |
| Previous Weekly Low | 1.0635 |
| Previous Monthly High | 1.1092 |
| Previous Monthly Low | 1.0635 |
| Daily Fibonacci 38.2% | 1.0704 |
| Daily Fibonacci 61.8% | 1.0693 |
| Daily Pivot Point S1 | 1.0684 |
| Daily Pivot Point S2 | 1.0656 |
| Daily Pivot Point S3 | 1.0637 |
| Daily Pivot Point R1 | 1.0732 |
| Daily Pivot Point R2 | 1.0751 |
| Daily Pivot Point R3 | 1.0780 |
[/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
