#EURUSD @ 0.99709 dribbles around short-term support line after dropping the most in a week., @nehcap view: Further weakness expected (Pivot Orderbook analysis)
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- EUR/USD dribbles around short-term support line after dropping the most in a week.
- Sustained trading below 50-SMA, downbeat oscillators favor sellers.
- Bulls need validation from six-week-old resistance line to retake control.
The pair currently trades last at 0.99709.
The previous day high was 1.0051 while the previous day low was 0.9955. The daily 38.2% Fib levels comes at 0.9992, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0014, expected to provide resistance.
EUR/USD treads water around a two-week-old support line as it seesaws around 0.9970 during Wednesday’s Asian session, after falling the most in a week the previous day. In doing so, the major currency pair portrays the pre-Fed anxiety while keeping the bears hopeful by staying below 50-SMA in the last one week.
In addition to the sustained trading below the 50-SMA, bearish MACD signals and the downbeat RSI (14), not oversold, also keeps the EUR/USD sellers hopeful.
However, a clear downside break of the two-week-old support line, near 0.9950, becomes necessary for the pair sellers to regain control. In that case, a south-run towards the yearly low near 0.9860 appears imminent.
In a case where EUR/USD remains bearish past 0.9860, the odds of its gradual drop towards the
Trend: Further weakness expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 0.9971 at the time of writing. Pair opened at 0.9971 and is trading with a change of 0.0 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.9971 |
| 1 | Today Daily Change | 0.0000 |
| 2 | Today Daily Change % | 0.0000 |
| 3 | Today daily open | 0.9971 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9992, 50 SMA 1.0096, 100 SMA @ 1.0307 and 200 SMA @ 1.0718.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.9992 |
| 1 | Daily SMA50 | 1.0096 |
| 2 | Daily SMA100 | 1.0307 |
| 3 | Daily SMA200 | 1.0718 |
The previous day high was 1.0051 while the previous day low was 0.9955. The daily 38.2% Fib levels comes at 0.9992, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0014, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.9934, 0.9897, 0.9839
- Pivot resistance is noted at 1.003, 1.0088, 1.0125
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0051 |
| Previous Daily Low | 0.9955 |
| Previous Weekly High | 1.0198 |
| Previous Weekly Low | 0.9945 |
| Previous Monthly High | 1.0369 |
| Previous Monthly Low | 0.9901 |
| Daily Fibonacci 38.2% | 0.9992 |
| Daily Fibonacci 61.8% | 1.0014 |
| Daily Pivot Point S1 | 0.9934 |
| Daily Pivot Point S2 | 0.9897 |
| Daily Pivot Point S3 | 0.9839 |
| Daily Pivot Point R1 | 1.0030 |
| Daily Pivot Point R2 | 1.0088 |
| Daily Pivot Point R3 | 1.0125 |
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