#EURUSD @ 0.99699 A Tweezer Tops formation has created an intermittent hurdle for the asset. (Pivot Orderbook analysis)

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• A Tweezer Tops formation has created an intermittent hurdle for the asset.
• Declining 20-and 50-EMAs add to the downside filters.
• The Eurozone bulls weakened after surrendering the 1.0000 parity.

The pair currently trades last at 0.99699.

The previous day high was 1.0198 while the previous day low was 1.0043. The daily 38.2% Fib levels comes at 1.0139, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0102, expected to provide resistance.

The EUR/USD pair is attempting a rebound after hitting a low of 0.9855 on Tuesday. It seems that a less-confident buying interest is a dead-cat bounce after a bloodbath in the risk-perceived currency. The asset witnessed a vertical downside momentum after failing to recapture the critical hurdle of 1.0200. The major extended its losses after surrendering the magical figure of 1.0000.

A formation of the Tweezer Tops candlestick pattern in which selling wicks are formed at similar levels indicates a continuation of the downside move. After concluding the inventory distribution at similar levels, a mark-down phase triggers an intense sell-off by the market participants.

The 50-period Exponential Moving Average (EMA) at 1.0132 has acted as a major hurdle for the shared currency bulls. Also, the 20-EMA at 1.0027 is declining, which adds to the downside filters.

Meanwhile, the Relative Strength Index (RSI) (14) is still holding above 40.00. However, a downside break will accelerate the downside momentum.

A break below Wednesday’s low at 0.9955 will drag the asset towards the round-level support of 0.9900, followed by a 19-year low at 0.9864.

On the contrary, the eurozone bulls could defy the downside momentum and make a comeback on overstepping the magical figure of 1.0000. An occurrence of the same will send the major towards 31 August high at 1.0080, followed by Monday’s high around 1.0200.

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9974 at the time of writing. Pair opened at 1.0123 and is trading with a change of -1.47 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.0013, 50 SMA 1.0114, 100 SMA @ 1.034 and 200 SMA @ 1.0757.

The previous day high was 1.0198 while the previous day low was 1.0043. The daily 38.2% Fib levels comes at 1.0139, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0102, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0044, 0.9966, 0.989
• Pivot resistance is noted at 1.0199, 1.0276, 1.0354

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