#EURUSD @ 0.95671 bears are testing the waters before displaying their full strength. (Pivot Orderbook analysis)

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• EUR/USD bears are testing the waters before displaying their full strength.
• Downward-sloping 20-and 50-EMAs add to the downside filters.
• A slippage below 0.9540 will direct the greenback bulls towards a fresh two-decade low.

The pair currently trades last at 0.95671.

The previous day high was 0.9671 while the previous day low was 0.9569. The daily 38.2% Fib levels comes at 0.9608, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9632, expected to provide resistance.

The EUR/USD pair is hovering around the critical support of 0.9540, which is a fresh two-decade low, printed on Monday. In the Asian session, the asset declined firmly after attempting to cross the round-level hurdle of 0.9600. The major is auctioning at a make or break level, therefore a volatility enhancement in the counter cannot be ruled out.

On an hourly scale, the shared currency bulls are testing the waters first at 0.9540 around and a follow-up selling pressure will send the pair into a negative trajectory. Also, the downward-sloping trendline from Tuesday’s high at 0.9671 will be a major barricade.

The 20-and 50-period Exponential Moving Averages (EMAs) at 0.9583 and 0.9622 respectively are sloping downwards, which adds to the downside filters.

Adding to that, the Relative Strength Index (RSI) (14) is oscillating in a bearish range of 20.00-40.00, which indicates more weakness ahead.

Should the asset drops below Wednesday’s low at 0.9542, the greenback bulls will drag the asset towards June 2002 low at 0.9313, followed by October 2001 high at 0.9241.

Investors could go for a contra bet if the asset oversteps Tuesday’s high at around 0.9670, which will drive the asset towards Friday’s high at 0.9852. A breach of the latter will send the major towards the round-level resistance at 0.9900.

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9556 at the time of writing. Pair opened at 0.9594 and is trading with a change of -0.4 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9924, 50 SMA 1.0056, 100 SMA @ 1.0265 and 200 SMA @ 1.0679.

The previous day high was 0.9671 while the previous day low was 0.9569. The daily 38.2% Fib levels comes at 0.9608, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9632, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9552, 0.951, 0.945
• Pivot resistance is noted at 0.9654, 0.9713, 0.9756

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