The euro is trading in a range between 0.8700 and 0.8740. (Pivot Orderbook analysis)

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• The euro is trading in a range between 0.8700 and 0.8740.
• The pair has eased bearish pressure after breaking downtrend resistance from late-September highs.

The pair currently trades last at 0.872.

The previous day high was 0.8791 while the previous day low was 0.869. The daily 38.2% Fib levels comes at 0.8729, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8753, expected to provide resistance.

The euro has found support at 0.8700 after Monday’s rejection at 0.8790 and the pair has remained consolidating for most of the day, with upside attempts limited below 0.8745.

From a wider perspective, the daily chart (in the image) shows the pair hesitating above the bearish trendline resistance from late-September lows, now around 0.8540, with the 20-day SMA, at 0.8690 acting as support.

On the upside, the pair should breach the intra-day level at 0.8740 to resume the upside trend from late-December lows at 0.8575, and aim for the October 12 high at 0.8865 on its way to the 0.9000 psychological level.

So far, the mentioned 20-day SMA at 0.8690 is holding bears, with the next potential targets on the downside at the 0.8645 trendline and then probably the 100-day SMA, at 0.8600.

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.872 at the time of writing. Pair opened at 0.8705 and is trading with a change of 0.17 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.8689, 50 SMA 0.8717, 100 SMA @ 0.8601 and 200 SMA @ 0.8512.

The previous day high was 0.8791 while the previous day low was 0.869. The daily 38.2% Fib levels comes at 0.8729, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8753, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.8666, 0.8628, 0.8566
• Pivot resistance is noted at 0.8767, 0.8829, 0.8867

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