The EURUSD currency pair, currently trading at 1.07935, is fluctuating around its three-week high due to nervousness ahead of the Fed meeting. The view of @nehcap is that a decline in value is anticipated.

…
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 seesaws around three-week high amid pre-Fed anxiety.

The pair currently trades last at 1.07935.

The previous day high was 1.0824 while the previous day low was 1.0755. The daily 38.2% Fib levels comes at 1.0797, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0781, expected to provide support.

EUR/USD treads water around 1.0800 as it struggles to extend the two-day winning streak near the highest levels since late May amid early Wednesday. In doing so, the Euro pair aptly portrays the market’s cautious mood ahead of the Federal Open Market Committee (FOMC) monetary policy meeting.

Also read: EUR/USD retreats from three-week high towards 1.0750 as Fed vs. ECB battle intensifies

That said, the 200-bar Exponential Moving Average (EMA), near 1.0800 by the press time, challenges the EUR/USD pair’s immediate upside amid the overbought RSI conditions. Also acting as an immediate upside filter is the top line of a one-week-old rising channel, close to 1.0820.

In a case where the Euro bulls keep the reins past 1.0820, a convergence of its 50% Fibonacci retracement of May-month downside and a fortnight-long bullish channel’s upper line, near 1.0865 at the latest, will be in the spotlight.

Should the EUR/USD manage to remain firmer past 1.0865, the odds of witnessing a gradual rise toward the 1.1000 psychological magnet can’t be ruled out.

Meanwhile, a rejection of the immediate bullish channel, by a downside break of the stated channel’s bottom line surrounding 1.0770, can convince intraday sellers of the EUR/USD pair. Following that, a quick fall to 1.0730 can’t be ruled out.

However, the bottom line of the broader ascending trend channel, close to the 1.0700 as we write, holds the key for the Euro bear’s conviction.

Trend: Pullback expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0791 at the time of writing. Pair opened at 1.0793 and is trading with a change of -0.02% % .

The pair is trading above its 20 Daily moving average @ 1.0749, below its 50 Daily moving average @ 1.0879 , below its 100 Daily moving average @ 1.0806 and above its 200 Daily moving average @ 1.0529

The previous day high was 1.0824 while the previous day low was 1.0755. The daily 38.2% Fib levels comes at 1.0797, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0781, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0757, 1.0722, 1.0689
• Pivot resistance is noted at 1.0826, 1.0859, 1.0895

[/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