#EURUSD @ 1.03694 EURUSD remains pressured around intraday low, snaps two-day uptrend., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• EURUSD remains pressured around intraday low, snaps two-day uptrend.
• Downside break of immediate support line joins bearish oscillators to keep sellers hopeful.
• Bullish triangle challenges the downside bias beyond 1.0290 support.

The pair currently trades last at 1.03694.

The previous day high was 1.0439 while the previous day low was 1.0331. The daily 38.2% Fib levels comes at 1.0398, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0372, expected to provide resistance.

EURUSD justifies immediate support break to welcome bears after a two-day uptrend. That said, the Euro pair drops 0.25% intraday as sellers flirt with the 1.0370 level during early Thursday.

Not only a downside break of a two-day-old ascending trend line but bearish MACD signals and the RSI (14) retreat also favor the EURUSD sellers.

However, a bullish triangle formation is in play since Monday and keeps the buyers hopeful unless the quote breaks the 1.0290 support level comprising the lower line of the stated pattern.

It should be noted that the 100-HMA offers immediate support near the 1.0340 level while a rejection of the bullish triangle could quickly drag the quote toward the 200-HMA support of 1.0180.

Even so, an upward-sloping support line from November 04, close to 1.0145 by the press time, could act as the last defense of EURUSD bears.

Alternatively, the pair buyers need to witness an upside break of the nearby support-turned-resistance line, near 1.0380, to retake control.

Following that, the aforementioned triangle’s resistance line around 1.0410 will be crucial as a clear upside break of the same will confirm the bullish chart pattern and challenge the monthly peak of 1.0480.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0366 at the time of writing. Pair opened at 1.0398 and is trading with a change of -0.31% % .

The pair is trading above its 20 Daily moving average @ 1.0027, above its 50 Daily moving average @ 0.9918 , above its 100 Daily moving average @ 1.0028 and below its 200 Daily moving average @ 1.0424

The previous day high was 1.0439 while the previous day low was 1.0331. The daily 38.2% Fib levels comes at 1.0398, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0372, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.034, 1.0281, 1.0232
• Pivot resistance is noted at 1.0447, 1.0497, 1.0555

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