#EURUSD @ 0.98235 looks south towards 0.9800 as US dollar bulls regain poise. (Pivot Orderbook analysis)

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• EUR/USD looks south towards 0.9800 as US dollar bulls regain poise.
• Treasury yields cling to recent gains hawkish Fed outlook, Powell eyed.
• Ascending triangle breakdown on 1D suggests more declines for EUR/USD.

The pair currently trades last at 0.98235.

The previous day high was 0.9908 while the previous day low was 0.9807. The daily 38.2% Fib levels comes at 0.9845, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9869, expected to provide resistance.

EUR/USD is dropping towards 0.9800 heading towards early European morning, as the US dollar is breaking its consolidative mode to the upside.

Investors gear up for a raft of preliminary PMis from across the Euro area economies and the US for fresh trading impetus, as the dust settles over the Fed aftermath. Fed Chair Jerome Powell’s speech later in the NA session will also hog the limelight, as it will be his first appearance after Wednesday’s rate hike decision.

Meanwhile, the US Treasury yields are holding onto their recent upsurge, underpinning dollar bulls while exerting downward pressure on the major. Further, the euro also remains vulnerable, in the wake of the renewed Russian aggression.

On Wednesday, Russian President Vladimir Putin announced a partial military mobilization in Ukraine, denting market sentiment and bolstering the safe-haven bids for the greenback.

The Russia-Ukraine crisis and the resultant Moscow’s gas flow cut-off to Europe has placed the old continent on brink of a recession. The upcoming Eurozone Manufacturing and Services PMIs could throw fresh light on the health of the Union.

Looking at EUR/USD’s daily chart, the ascending triangle breakdown confirmed, following the Fed decision on Wednesday, keeps the further downside exposed towards 0.9750 – the psychological level. But the bears need a sustained break below the 0.9800 level beforehand.

The 14-day Relative Strength Index (RSI) remains bearish while sitting just above the oversold territory, adding credence to the next leg lower.

On the flip side, Thursday’s high at 0.9907 will be the first critical hurdle should the major attempt a recovery.

Further up, daily closing above the confluence of the bearish 21-Daily Moving Average (DMA) and the triangle support-turned-resistance around 0.9970 will test buyers.

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.982 at the time of writing. Pair opened at 0.9831 and is trading with a change of -0.1 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9978, 50 SMA 1.0088, 100 SMA @ 1.0292 and 200 SMA @ 1.0703.

The previous day high was 0.9908 while the previous day low was 0.9807. The daily 38.2% Fib levels comes at 0.9845, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9869, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9789, 0.9748, 0.9689
• Pivot resistance is noted at 0.989, 0.9949, 0.999

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