The index resumes the downtrend and revisits the 105.30 region. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• The index resumes the downtrend and revisits the 105.30 region.
• The loss of the 200-day SMA opens the door to extra losses.

The pair currently trades last at 105.69.

The previous day high was 106.29 while the previous day low was 106.14. The daily 38.2% Fib levels comes at 106.23, expected to provide resistance. Similarly, the daily 61.8% fib level is at 106.2, expected to provide resistance.

The US Dollar Index (DXY) comes under extra selling pressure and extends the breakdown of the key 106.00 barrier at the beginning of the week.

The selling pressure motivates the index to flirt with the always relevant 200-day Simple Moving Average (SMA), today at 105.36. A drop below the latter is expected to allow for losses to accelerate and target the August low at 104.63 (August 10).

South of the 200-day SMA, the outlook for the index should shift to bearish.

Technical Levels: Supports and Resistances

EURUSD currently trading at 105.69 at the time of writing. Pair opened at 106.27 and is trading with a change of -0.55 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 106.99, 50 SMA 109.89, 100 SMA @ 109.24 and 200 SMA @ 105.85.

The previous day high was 106.29 while the previous day low was 106.14. The daily 38.2% Fib levels comes at 106.23, expected to provide resistance. Similarly, the daily 61.8% fib level is at 106.2, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 106.18, 106.08, 106.03
• Pivot resistance is noted at 106.33, 106.38, 106.48

[/s2If]
Join Our Telegram Group