The EURUSD pair, currently trading at 1.09031, continues to stay at a low level following a lack of success in deterring sellers the day before. According to the viewpoint of @nehcap, it is anticipated that there will be further declines in the future.

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• EUR/USD remains depressed around intraday low after failing to stop sellers the previous day.

The pair currently trades last at 1.09031.

The previous day high was 1.0952 while the previous day low was 1.0897. The daily 38.2% Fib levels comes at 1.0931, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0918, expected to provide resistance.

EUR/USD holds lower grounds near 1.0900, poking the intraday bottom amid early Wednesday in Asia. In doing so, the Euro pair struggles for clear directions amid the cautious mood ahead of the Federal Open Market Committee’s (FOMC) Monetary Policy Meeting Minutes. Also likely to challenge the Euro bears is the Doji candlestick marked the previous day, as well as the nearly oversold RSI (14) line. As a result, the Euro bears need a strong hawkish tone from the Fed Minutes to defend the one-month-old downside trend.

Also read: EUR/USD Forecast: Continued bearish pressure persists amid Dollar strength

It’s worth noting that the bearish MACD signals and the quote’s sustained trading below the 100-DMA, as well as a one-month-old falling trend line, joins the early month’s downside break of an ascending trend line from late May to keep the EUR/USD sellers hopeful.

That said, a seven-week-old horizontal support region around 1.0845–35 restricts immediate downside of the EUR/USD pair, a break of which will direct the south-run towards the 200-DMA support of 1.0785.

On the flip side, a convergence of the 100-DMA and a downward-sloping trend line from July 19 guards the EUR/USD pair’s recovery around 1.0930-35 zone.

Following that, the support-turned-resistance line of around 1.1095 and the 1.1100 round figure will lure the EUR/USD bulls.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0903 at the time of writing. Pair opened at 1.0907 and is trading with a change of -0.04% % .

The pair is trading below its 20 Daily moving average @ 1.101, below its 50 Daily moving average @ 1.097 , below its 100 Daily moving average @ 1.0931 and above its 200 Daily moving average @ 1.0781

The previous day high was 1.0952 while the previous day low was 1.0897. The daily 38.2% Fib levels comes at 1.0931, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0918, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0885, 1.0864, 1.083
• Pivot resistance is noted at 1.094, 1.0974, 1.0996

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