#EURUSD @ 1.04249 retreats from intraday high to pare daily gains., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• EUR/USD retreats from intraday high to pare daily gains.
• Bullish MACD signals, steady RSI favor the rebound from 100-SMA.
• Double tops around 1.0480 appears a tough nut to crack for bulls.
• Sellers have a bumpy road to return unless breaking 200-SMA.

The pair currently trades last at 1.04249.

The previous day high was 1.0429 while the previous day low was 1.029. The daily 38.2% Fib levels comes at 1.0376, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0343, expected to provide support.

EUR/USD grinds higher past 1.0400, taking rounds to 1.0430 during early Thursday, as bulls await the key data/events after posting the biggest monthly jump since September 2010.

Also read: EUR/USD bulls approach 1.0500 hurdle ahead of German Retail Sales, Fed’s preferred inflation data

In doing so, the major currency pair struggles to extend the previous day’s U-turn from the 100-SMA.

However, recent bullish signals on the MACD and steady RSI keep EU/USD buyers hopeful as they approach the 1.0480 key hurdle comprising the tops marked on November 15 and 28.

In a case where EUR/USD manages to cross the 1.0480 resistance, the 1.0500 threshold may act as an additional upside filter before directing the prices toward the 61.8% Fibonacci Expansion (FE) of the pair’s November 10-21 moves, near 1.0570. Following that, the late June peak surrounding 1.0615 will be in focus.

Alternatively, pullback remains elusive beyond the 100-SMA support level surrounding 1.0315.

Also acting as a downside filter is the horizontal support including levels marked since November 10, around 1.0225.

Should the EUR/USD bears keep the reins past 1.0225, the 200-SMA level surrounding 1.0100 could act as the last defense of the bulls.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0426 at the time of writing. Pair opened at 1.0407 and is trading with a change of 0.18% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0249, 50 SMA 0.9989, 100 SMA @ 1.004 and 200 SMA @ 1.0374.

The previous day high was 1.0429 while the previous day low was 1.029. The daily 38.2% Fib levels comes at 1.0376, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0343, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0322, 1.0237, 1.0184
• Pivot resistance is noted at 1.0461, 1.0514, 1.0599

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