#EURUSD @ 0.97809 consolidates the biggest daily loss in a fortnight, picks up bids of late. (Pivot Orderbook analysis)

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• EUR/USD consolidates the biggest daily loss in a fortnight, picks up bids of late.
• Headlines from China, a pause in the yields’ run-up near multi-year high triggered latest rebound.
• Buyers remain unconvinced as fears of recession, aggressive central bank actions stay on the table.

The pair currently trades last at 0.97809.

The previous day high was 0.9872 while the previous day low was 0.9757. The daily 38.2% Fib levels comes at 0.9801, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9829, expected to provide resistance.

EUR/USD renews its intraday high around 0.9790 amid the fresh decline in the US dollar heading into Thursday’s European session. In doing so, the quote pares the previous day’s losses, the biggest in two weeks, amid an absence of major data/events.

China’s debate on reducing quarantine time for international travelers seemed to have triggered the US dollar’s latest weakness amid a likely sluggish session. With this, the US Dollar Index (DXY) reverses the Asian session gains and prints 0.12% loss on the day as it refreshes intraday low to 112.77 at the latest.

Even so, the S&P 500 Futures print mild losses while staying around 3,700 by the press time.

Previously, US 10-year Treasury yields refreshed a 14-year high above 4.0%, around 4.15% by the press time while its two-year counterpart stays strong near the highest level since 2007, up 0.30% intraday near 4.57% at the latest.

It should be noted that the fears of higher inflation and the resulted aggressive rate hikes from the major central banks that previously propelled the US Treasury yields and the US dollar.

Moving on, a light calendar and a sudden shift in the risk profit could probe the EUR/USD from declining further. However, the recovery remains doubtful unless the yields start deteriorating and the DXY also ease, which is less expected.

Unless staying below the weekly support line, now resistance around 0.9830, EUR/USD stays directed towards an upward-sloping trend line support from September 28, close to 0.9675 at the latest.

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9788 at the time of writing. Pair opened at 0.9772 and is trading with a change of 0.16% % .

The pair is trading above its 20 Daily moving average @ 0.9769, below its 50 Daily moving average @ 0.9924 , below its 100 Daily moving average @ 1.0135 and below its 200 Daily moving average @ 1.0555

The previous day high was 0.9872 while the previous day low was 0.9757. The daily 38.2% Fib levels comes at 0.9801, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9829, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9729, 0.9686, 0.9614
• Pivot resistance is noted at 0.9844, 0.9916, 0.9959

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