#EURUSD @ 0.96552 grinds higher inside a three-day-old symmetrical triangle, keeps bounce off 20-year low., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• EUR/USD grinds higher inside a three-day-old symmetrical triangle, keeps bounce off 20-year low.
• RSI, MACD hints at further recovery but one-week-old resistance line adds to the upside filters.
• Sellers could quickly jump back on the table if witnessing a clear break of 0.9600.

The pair currently trades last at 0.96552.

The previous day high was 0.971 while the previous day low was 0.9553. The daily 38.2% Fib levels comes at 0.9613, expected to provide support. Similarly, the daily 61.8% fib level is at 0.965, expected to provide support.

EUR/USD renews intraday high around 0.9650, snapping a five-day downtrend, as buyers keep reins inside a short-term triangle heading into Tuesday’s European session. That said, the major currency pair takes rounds to 0.9660 by the press time.

Given the MACD and RSI conditions favor the quote’s rebound from the two-decade low, EUR/USD buyers are likely to overcome the immediate hurdle surrounding 0.9660, including the stated triangle’s upper line.

However, a downward sloping resistance line from September 20, close to 0.9710 at the latest, holds the key to the pair’s further advances.

In a case where the EUR/USD buyers keep reins past 0.9710, the odds of witnessing a run-up towards the 50% Fibonacci retracement level of September 20-25 downside, around 0.9810 can’t be ruled out.

Alternatively, pullback moves need validation from the 0.9600 round figure, also including the stated triangle’s bottom.

Following that, a south-run towards refreshing the multi-year low is more likely. In that case, the latest trough near 0.9550 may act as the next rest for the EUR/USD bears before a six-month-old descending support line, around 0.9470 by the press time.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9643 at the time of writing. Pair opened at 0.961 and is trading with a change of 0.34% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9945, 50 SMA 1.0069, 100 SMA @ 1.0274 and 200 SMA @ 1.0687.

The previous day high was 0.971 while the previous day low was 0.9553. The daily 38.2% Fib levels comes at 0.9613, expected to provide support. Similarly, the daily 61.8% fib level is at 0.965, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9539, 0.9467, 0.9382
• Pivot resistance is noted at 0.9695, 0.9781, 0.9852

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