#EURUSD @ 0.96264 US Dollar is solid as markets fail to stage recovery. (Pivot Orderbook analysis)

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• US Dollar is solid as markets fail to stage recovery.
• EUR/USD is hovering around 0.9620, far from the daily highs.
• Dollar overbought but not offering signs of a correction.

The pair currently trades last at 0.96264.

The previous day high was 0.9852 while the previous day low was 0.9668. The daily 38.2% Fib levels comes at 0.9738, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9782, expected to provide resistance.

The EUR/USD is moving toward 0.9600 after the recovers from fresh multi-year lows faded. The euro could not hold above 0.9700 and started to decline as stocks in Wall Street printed fresh session lows.

Risk aversion prevails across financial markets supporting the dollar. In the US, the Dow Jones is down 0.61% and the S&P 500 declines by 0.40%. The Nasdaq is up 0.20%. Crude oil is erasing gains and metals are back into negative territory.

Economic data released in the US showed a decline in the Chicago Fed National Activity Index dropped more than expected to 0 from 0.08%. Earlier, IFO reported a decline in Sentiment Index in September.

The dollar remains firm across the board amid Fed rate hike expectations and risk aversion. The euro found some support from the rally in EUR/GBP that climbed to two-year highs.

The recovery of the EUR/USD was short-lived and is approaching 0.9600. Below attention would turn to the cycle low at 0.9549. Despite oversold readings across charts, the negative momentum is solid with the pair still looking for support.

On the upside, if the euro consolidates above 0.9700 it could gain support from a more sustainable rebound in the very short term. The next strong resistance is seen at 0.9805.

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9648 at the time of writing. Pair opened at 0.969 and is trading with a change of -0.43 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9964, 50 SMA 1.008, 100 SMA @ 1.0284 and 200 SMA @ 1.0695.

The previous day high was 0.9852 while the previous day low was 0.9668. The daily 38.2% Fib levels comes at 0.9738, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9782, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9621, 0.9553, 0.9437
• Pivot resistance is noted at 0.9805, 0.9921, 0.9989

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