#EURUSD @ 0.96907 consolidates the biggest daily gains in six months, retreats after crossing the 0.9600 previous key hurdle., @nehcap view: Further recovery expected (Pivot Orderbook analysis)
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- EUR/USD consolidates the biggest daily gains in six months, retreats after crossing the 0.9600 previous key hurdle.
- Convergence of 50-SMA, support-turned-resistance from late August probes buyers.
- Firmer RSI, bullish MACD signals join clear upside break of 0.9600 to test sellers.
- 21-SMA, weekly support line adds to the downside filters.
The pair currently trades last at 0.96907.
The previous day high was 0.9751 while the previous day low was 0.9536. The daily 38.2% Fib levels comes at 0.9669, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9618, expected to provide support.
EUR/USD takes offers to refresh intraday low around 0.9700 while paring the previous day’s bounce off a 20-year low during Thursday’s Asian session.
In doing so, the major currency pair also trims the biggest daily jump since March while reversing the breakout of the 0.9600 hurdle comprising the 21-SMA and a one-week-old descending trend line.
It should, however, be noted that the bullish MACD signals and the firmer RSI (14) keep the buyers hopeful. That said, the 21-SMA, currently around 0.9640 offers immediate support ahead of the resistance-turned-support line near the 0.9600 threshold.
Even if the EUR/USD prices drop below the 0.9600 support, a downward sloping trend line from Monday, around 0.9530 by the press time, could challenge the pair’s further declines.
On the flip side, the latest swing high near 0.9750 holds the key to EUR/USD buyers’ welcome.
Following that, a convergence of the downward sloping trend line from August 23 and the 50-SMA, around 0.9800 at the latest, could challenge the pair bulls.
In a case where the quote rises past 0.9800, the odds of witnessing the run-up towards the parity can’t be ruled out.
Trend: Further recovery expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 0.9703 at the time of writing. Pair opened at 0.9735 and is trading with a change of -0.33% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.9703 |
| 1 | Today Daily Change | -0.0032 |
| 2 | Today Daily Change % | -0.33% |
| 3 | Today daily open | 0.9735 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9908, 50 SMA 1.0048, 100 SMA @ 1.0257 and 200 SMA @ 1.067.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.9908 |
| 1 | Daily SMA50 | 1.0048 |
| 2 | Daily SMA100 | 1.0257 |
| 3 | Daily SMA200 | 1.0670 |
The previous day high was 0.9751 while the previous day low was 0.9536. The daily 38.2% Fib levels comes at 0.9669, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9618, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.9596, 0.9458, 0.9381
- Pivot resistance is noted at 0.9812, 0.9889, 1.0027
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.9751 |
| Previous Daily Low | 0.9536 |
| Previous Weekly High | 1.0051 |
| Previous Weekly Low | 0.9668 |
| Previous Monthly High | 1.0369 |
| Previous Monthly Low | 0.9901 |
| Daily Fibonacci 38.2% | 0.9669 |
| Daily Fibonacci 61.8% | 0.9618 |
| Daily Pivot Point S1 | 0.9596 |
| Daily Pivot Point S2 | 0.9458 |
| Daily Pivot Point S3 | 0.9381 |
| Daily Pivot Point R1 | 0.9812 |
| Daily Pivot Point R2 | 0.9889 |
| Daily Pivot Point R3 | 1.0027 |
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