#EURUSD @ 0.99582 -imp levels: remains pressured around intraday low, braces for the second weekly loss.

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• EUR/USD remains pressured around intraday low, braces for the second weekly loss.
• RSI retreat, softer MACD also keep sellers hopeful.
• Multiple hurdles to offer a bumpy ride to buyers before giving them control.

The pair currently trades last at 0.99582.

The previous day high was 1.0034 while the previous day low was 0.9949. The daily 38.2% Fib levels comes at 1.0001, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9981, expected to provide resistance.

EUR/USD takes offers to refresh intraday low around 0.9960 heading into Friday’s European session. In doing so, the major currency pair braces for the second weekly loss while staying around the lowest levels since late 2002, marked earlier in the week.

It’s worth noting that the quote’s latest moves portray a two-week-long bearish channel, which in turn suggests the pair’s further downside. Also favoring the sellers is the RSI (14) retreat and recently easing the bullish bias of the MACD.

That said, the EUR/USD pair’s latest U-turn from a horizontal area comprising multiple levels marked since July 12, around the parity level of 1.0000, seems to direct the sellers towards a three-day-old support line close to 0.9920.

In a case where the pair drops past 0.9920, the 0.9900 thresholds and lower line of the aforementioned channel, at 0.9800 by the press time, could lure the sellers.

Alternatively, an upside clearance of the 0.9985 hurdle would defy the bearish channel formation. However, the bulls will then need validation from the previously noted horizontal resistance near the 1.0000 round figure.

Even if the quote rises past 1.0000, multiple hurdles marked in the last six weeks, near 1.0090-95, quickly followed by the 1.0100 mark, could challenge the EUR/USD bulls.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9963 at the time of writing. Pair opened at 0.9974 and is trading with a change of -0.11% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.015, 50 SMA 1.0237, 100 SMA @ 1.044 and 200 SMA @ 1.0834.

The previous day high was 1.0034 while the previous day low was 0.9949. The daily 38.2% Fib levels comes at 1.0001, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9981, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9938, 0.9901, 0.9853
• Pivot resistance is noted at 1.0022, 1.007, 1.0107

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