#EURUSD @ 1.06485 clings to modest daily gains heading into the American session. (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)]
- EUR/USD clings to modest daily gains heading into the American session.
- US stock index futures trade modestly lower on the day.
- Investors await the Federal Reserve’s policy announcements and dot plot.
The pair currently trades last at 1.06485.
The previous day high was 1.0674 while the previous day low was 1.0528. The daily 38.2% Fib levels comes at 1.0618, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0584, expected to provide support.
EUR/USD climbed to 1.0670 during the European trading hours and came within a touching distance of the multi-month high it set at 1.0674 on Tuesday. The pair, however, lost its bullish momentum and retreated to the 1.0650 area heading into the American session.
Earlier in the day, the data from the Eurozone showed that Industrial Production in October contracted by 2% on a monthly basis. This reading came in worse than the market expectation for a decline of 1.5% but had little to no impact on the Euro’s performance against its rivals.
Meanwhile, the negative shift witnessed in market sentiment with the US stock index futures erasing earlier gains seems to be helping the US Dollar limit its losses for the time being.
On Tuesday, the US Dollar Index dropped to its weakest level in nearly six months at 103.58 after the November Consumer Price Index (CPI) figures came in below market expectations. As of writing, the index was down only 0.1% on the day at 103.87.
In case Wall Street’s main indexes push lower after the opening bell, the US Dollar could benefit from safe-haven flows. Nevertheless, market action is likely to remain subdued with investors refraining from making large bets while waiting for the outcome of the FOMC’s December policy meeting.
The US Federal Reserve is widely expected to raise its policy rate by 50 basis points. Investors are likely to react to revisions to inflation and terminal rate projections in the Summary of Economic Projections, the so-called dot plot.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.065 at the time of writing. Pair opened at 1.0627 and is trading with a change of 0.22 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0650 |
| 1 | Today Daily Change | 0.0023 |
| 2 | Today Daily Change % | 0.2200 |
| 3 | Today daily open | 1.0627 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0435, 50 SMA 1.0126, 100 SMA @ 1.0073 and 200 SMA @ 1.035.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0435 |
| 1 | Daily SMA50 | 1.0126 |
| 2 | Daily SMA100 | 1.0073 |
| 3 | Daily SMA200 | 1.0350 |
The previous day high was 1.0674 while the previous day low was 1.0528. The daily 38.2% Fib levels comes at 1.0618, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0584, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0546, 1.0464, 1.04
- Pivot resistance is noted at 1.0691, 1.0755, 1.0836
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0674 |
| Previous Daily Low | 1.0528 |
| Previous Weekly High | 1.0595 |
| Previous Weekly Low | 1.0443 |
| Previous Monthly High | 1.0497 |
| Previous Monthly Low | 0.9730 |
| Daily Fibonacci 38.2% | 1.0618 |
| Daily Fibonacci 61.8% | 1.0584 |
| Daily Pivot Point S1 | 1.0546 |
| Daily Pivot Point S2 | 1.0464 |
| Daily Pivot Point S3 | 1.0400 |
| Daily Pivot Point R1 | 1.0691 |
| Daily Pivot Point R2 | 1.0755 |
| Daily Pivot Point R3 | 1.0836 |
[/s2If]
Join Our Telegram Group
