#EURUSD @ 0.98277 grinds higher around the weekly top, pokes key resistance confluence., @nehcap view: Further upside expected (Pivot Orderbook analysis)
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- EUR/USD grinds higher around the weekly top, pokes key resistance confluence.
- Previous support line from July, three-week-old resistance line constitute immediate hurdle.
- The year 2001 high, descending support line from May challenge bears.
- Looming bull cross on the MACD, steady RSI favor buyers.
The pair currently trades last at 0.98277.
The previous day high was 0.9816 while the previous day low was 0.9636. The daily 38.2% Fib levels comes at 0.9747, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9705, expected to provide support.
EUR/USD jostles with the key 0.9830 resistance confluence as bulls struggle to defend the first weekly gains in three during Friday’s Asian session.
In doing so, the major currency pair battles the four-month-old support-turned-resistance, as well as the downward sloping resistance line from September 13.
It should be noted, however, that the impending bull cross on the MACD and steady RSI (14) favor the buyers.
That said, a clear upside break of the 0.9830 hurdle will propel the EUR/USD prices towards the 50-DMA, around 1.0035 by the press time. Also acting as the upside filters is the 1.0000 parity level and the monthly high near 1.0200.
Meanwhile, the pair’s pullback moves may initially aim for the 10-DMA support near 0.9795 before targeting the 0.9690-75 support area.
Following that, the year 2001 peak and the latest bottom, respectively around 0.9600 and 0.9535, could challenge the bears.
If at all the EUR/USD pair remains weak past 0.9535, the downward sloping support line from May, near 0.9455, will be in focus.
Trend: Further upside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 0.9829 at the time of writing. Pair opened at 0.9816 and is trading with a change of 0.13% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.9829 |
| 1 | Today Daily Change | 0.0013 |
| 2 | Today Daily Change % | 0.13% |
| 3 | Today daily open | 0.9816 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9901, 50 SMA 1.0039, 100 SMA @ 1.0251 and 200 SMA @ 1.0663.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.9901 |
| 1 | Daily SMA50 | 1.0039 |
| 2 | Daily SMA100 | 1.0251 |
| 3 | Daily SMA200 | 1.0663 |
The previous day high was 0.9816 while the previous day low was 0.9636. The daily 38.2% Fib levels comes at 0.9747, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9705, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.9696, 0.9576, 0.9515
- Pivot resistance is noted at 0.9876, 0.9936, 1.0056
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.9816 |
| Previous Daily Low | 0.9636 |
| Previous Weekly High | 1.0051 |
| Previous Weekly Low | 0.9668 |
| Previous Monthly High | 1.0369 |
| Previous Monthly Low | 0.9901 |
| Daily Fibonacci 38.2% | 0.9747 |
| Daily Fibonacci 61.8% | 0.9705 |
| Daily Pivot Point S1 | 0.9696 |
| Daily Pivot Point S2 | 0.9576 |
| Daily Pivot Point S3 | 0.9515 |
| Daily Pivot Point R1 | 0.9876 |
| Daily Pivot Point R2 | 0.9936 |
| Daily Pivot Point R3 | 1.0056 |
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