#EURUSD @ 1.00065 grinds higher past 21-DMA after printing two-day uptrend in the last., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• EUR/USD grinds higher past 21-DMA after printing two-day uptrend in the last.
• Horizontal area comprising multiple levels since mid-July also restricts short-term downside.
• Bulls have a bumpy road to travel before taking control.

The pair currently trades last at 1.00065.

The previous day high was 1.0018 while the previous day low was 0.9956. The daily 38.2% Fib levels comes at 0.9994, expected to provide support. Similarly, the daily 61.8% fib level is at 0.998, expected to provide support.

EUR/USD picks up bids to refresh intraday high near the 1.0000 parity level during Friday’s Asian session.

In doing so, the major currency pair benefits from the previous day’s upside break of the 21-DMA break amid the bullish MACD signals and the steady RSI.

With this, the quote is likely to extend the latest rebound towards the 50% and 61.8% Fibonacci retracements of the pair’s August-September downside, respectively around 1.0120 and 1.0175.

Following that, the recent swing high near 1.0200 could act as the last defense for the EUR/USD bears.

Meanwhile, a downside break of the 21-DMA level surrounding 0.9985 isn’t an open invitation to the EUR/USD sellers as a two-month-old horizontal support region near 0.9945-55 appears a tough nut to crack.

Should the prices decline below 0.9945, the odds of witnessing the fresh yearly low, currently around 0.9860, can’t be ruled out.

In that case, the late 2002 bottom surrounding 0.9860 will gain the market’s attention.

To sum up, EUR/USD is up for short-term recovery but the bearish trend is likely to prevail.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1 at the time of writing. Pair opened at 1 and is trading with a change of 0.00% % .

The pair is trading above its 20 Daily moving average @ 0.9989, below its 50 Daily moving average @ 1.0101 , below its 100 Daily moving average @ 1.0323 and below its 200 Daily moving average @ 1.0737

The previous day high was 1.0018 while the previous day low was 0.9956. The daily 38.2% Fib levels comes at 0.9994, expected to provide support. Similarly, the daily 61.8% fib level is at 0.998, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9965, 0.9929, 0.9903
• Pivot resistance is noted at 1.0027, 1.0053, 1.0089

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