#EURUSD @ 1.04933 tanks below the 1.0500 figure as buying pressure fades. (Pivot Orderbook analysis)

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• EUR/USD tanks below the 1.0500 figure as buying pressure fades.
• EUR/USD Price Analysis: The 200-DMA at sight if the pair tumbles below 1.0400.

The pair currently trades last at 1.04933.

The previous day high was 1.0545 while the previous day low was 1.0428. The daily 38.2% Fib levels comes at 1.05, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0473, expected to provide support.

On Monday, the EUR/USD stumbled from around 1.0594 due to some factors, including positive economic data from the United States (US), and high US Treasury yields, amidst China’s easing Covid restrictions. At the time of writing, as the Asian Pacific session begins, the EUR/USD is trading at 1.0488.

From a daily chart perspective, the EUR/USD is upward biased once it cleared the 200-day Exponential Moving Average (EMA) on November 30, extending its gains to three consecutive days. However, Monday’s story is different, after US economic data revealed that the US Federal Reserve (Fed) would need to keep increasing rates. Therefore, the EUR/USD dropped and eyes a test of the December 2 daily low of 1.0392.

Albeit in bullish territory, the Relative Strength Index (RSI) aims downwards, while the Rate of Change (RoC) depicts buyer pressure is fading.

All that said, the EUR/USD path of least resistance is downward biased. Therefore, the EUR/USD first support would be the December 2 daily low of 1.0392. A breach of the latter will expose the 200-day EMA at 1.0388, followed by the 50-day EMA at 1.0173

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Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0491 at the time of writing. Pair opened at 1.0533 and is trading with a change of -0.4 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0316, 50 SMA 1.002, 100 SMA @ 1.005 and 200 SMA @ 1.0367.

The previous day high was 1.0545 while the previous day low was 1.0428. The daily 38.2% Fib levels comes at 1.05, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0473, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.046, 1.0386, 1.0343
• Pivot resistance is noted at 1.0576, 1.0619, 1.0692

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