The index remains well on the defensive and breaks below 105.00. (Pivot Orderbook analysis)

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• The index remains well on the defensive and breaks below 105.00.
• The continuation of the downside could drop to the August low.

The pair currently trades last at 104.98.

The previous day high was 107.2 while the previous day low was 105.78. The daily 38.2% Fib levels comes at 106.32, expected to provide resistance. Similarly, the daily 61.8% fib level is at 106.66, expected to provide resistance.

DXY extends the leg lower to the area below the 105.00 level for the first time since mid-August.

The continuation of the selling pressure could motivate the dollar to shed further ground and challenge the August low at 104.63 (August 10) in the short-term horizon.

Below the 200-day SMA at 105.51, the dollar’s outlook should remain negative.

Technical Levels: Supports and Resistances

EURUSD currently trading at 104.98 at the time of writing. Pair opened at 106.0 and is trading with a change of -0.96 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 106.57, 50 SMA 109.56, 100 SMA @ 109.23 and 200 SMA @ 105.96.

The previous day high was 107.2 while the previous day low was 105.78. The daily 38.2% Fib levels comes at 106.32, expected to provide resistance. Similarly, the daily 61.8% fib level is at 106.66, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 105.45, 104.9, 104.03
• Pivot resistance is noted at 106.87, 107.75, 108.29

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