#EURUSD @ 1.08734 seesaws around intraday high after snapping two-day downtrend., @nehcap view: Limited upside expected (Pivot Orderbook analysis)
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- EUR/USD seesaws around intraday high after snapping two-day downtrend.
- Descending resistance line from Thursday, 50-HMA restrict immediate upside.
- MACD, RSI conditions back the latest recovery moves from two-week-long ascending trend line.
The pair currently trades last at 1.08734.
The previous day high was 1.09 while the previous day low was 1.0838. The daily 38.2% Fib levels comes at 1.0862, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0877, expected to provide resistance.
EUR/USD struggles to extend the bounce off a two-week-long support line as it makes rounds to 1.0870 during early Monday. In doing so, the major currency pair also fades the upside momentum after the first positive day in three.
That said, the quote’s recovery from an upward-sloping trend line from January 12 takes clues from the RSI (14) rebound from the oversold territory, near the 50.00 mark in the press time. Adding strength to the upside momentum are the bullish MACD signals.
However, a descending resistance line from Thursday, close to 1.0880 at the latest, guards the quote’s nearby upside.
Following that, the 50-Hour Moving Average (HMA) level surrounding 1.0885 and 1.0900 could probe the EUR/USD buyers before directing them to the monthly high of 1.0930 marked in the last week.
It should be noted that the EUR/USD pair’s successful run-up beyond 1.0930 enables it to challenge the 1.1000 psychological magnet.
Meanwhile, a downside break of the aforementioned fortnight-old support line, close to 1.0840 by the press time, becomes necessary for the EUR/USD bears to retake control.
In a case where the EUR/USD prices remain weak past 1.0840, lows marked during January 18 and 12, respectively near 1.0765 and 1.0730, will be crucial to watch.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0872 at the time of writing. Pair opened at 1.0865 and is trading with a change of 0.06% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0872 |
| 1 | Today Daily Change | 0.0007 |
| 2 | Today Daily Change % | 0.06% |
| 3 | Today daily open | 1.0865 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.077, 50 SMA 1.0624, 100 SMA @ 1.0277 and 200 SMA @ 1.0312.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0770 |
| 1 | Daily SMA50 | 1.0624 |
| 2 | Daily SMA100 | 1.0277 |
| 3 | Daily SMA200 | 1.0312 |
The previous day high was 1.09 while the previous day low was 1.0838. The daily 38.2% Fib levels comes at 1.0862, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0877, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.0835, 1.0805, 1.0773
- Pivot resistance is noted at 1.0898, 1.093, 1.096
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0900 |
| Previous Daily Low | 1.0838 |
| Previous Weekly High | 1.0930 |
| Previous Weekly Low | 1.0835 |
| Previous Monthly High | 1.0736 |
| Previous Monthly Low | 1.0393 |
| Daily Fibonacci 38.2% | 1.0862 |
| Daily Fibonacci 61.8% | 1.0877 |
| Daily Pivot Point S1 | 1.0835 |
| Daily Pivot Point S2 | 1.0805 |
| Daily Pivot Point S3 | 1.0773 |
| Daily Pivot Point R1 | 1.0898 |
| Daily Pivot Point R2 | 1.0930 |
| Daily Pivot Point R3 | 1.0960 |
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