#EURUSD @ 100272 takes offers to refresh intraday low, extends pullback from weekly high, @nehcap view: Further weakness expected, Pivot Orderbook analysis

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE and login below to read further [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• EUR/USD takes offers to refresh intraday low, extends pullback from weekly high.
• Impending bear cross on MACD, RSI retreat favor sellers.
• Convergence of 200-HMA, support line of weekly triangle appears tough nut to crack for sellers.
• Buyers need to cross 1.0090 to retake control.

The pair currently trades last at 1.00272.

The previous day high was 1.0079 while the previous day low was 0.9971. The daily 38.2% Fib levels comes at 1.0038, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0013, expected to provide support.

EUR/USD bears return after a three-day absence as the quote renews its intraday low near 1.0030 during Thursday’s Asian session.

In doing so, the major currency pair retreats inside a one-week-old symmetrical triangle amid downbeat oscillators.

That said, the MACD teases bears and the recent weakness in the RSI (14) keeps EUR/USD bears hopeful.

However, the 1.0000 psychological magnet will precede the 0.9985 support confluence, including the 200-HMA and support line of the stated triangle, to restrict the short-term downside of the pair.

In a case where the EUR/USD remains weak past 0.9985, a south-run towards the monthly low of 0.9900, marked the last week, can’t be ruled out.

Meanwhile, recovery moves may initially aim for the 50% Fibonacci retracement level of August 18-23 downside, near 1.0050.

Following that, the triangle’s upper line and the 61.8% gold ratio, respectively around 1.0080 and 1.0090, could challenge the EUR/USD buyers.

It’s worth noting that the 1.0100 threshold could act as an extra upside filter to challenge the pair’s buyers before giving them control.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0038 at the time of writing. Pair opened at 1.0053 and is trading with a change of -0.15% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.0111, 50 SMA 1.0195, 100 SMA @ 1.0405 and 200 SMA @ 1.0809.

The previous day high was 1.0079 while the previous day low was 0.9971. The daily 38.2% Fib levels comes at 1.0038, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0013, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.999, 0.9927, 0.9882
• Pivot resistance is noted at 1.0098, 1.0142, 1.0205

[/s2If]
Join Our Telegram Group