#EURUSD @ 1.08504 remains pressured after breaking short-term key support., @nehcap view: Further downside expected (Pivot Orderbook analysis)
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- EUR/USD remains pressured after breaking short-term key support.
- Bearish MACD signals, downbeat RSI adds strength to the downside bias targeting 100-SMA.
- Double tops around 1.0930 also favor sellers to keep the reins.
The pair currently trades last at 1.08504.
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 resistance. Similarly, the daily 61.8% fib level is at 1.0877, expected to provide resistance.
EUR/USD seesaws around 1.0850 as bears take a breather after breaking important support. With this, the major currency pair confirms its place on the seller’s radar even if it probes the three-day downtrend with its latest inaction.
Not only the trend line breakdown but the bearish MACD signals and the downbeat RSI (14), not oversold, also keep the EUR/USD sellers hopeful. On the same line could be the double-top bearish formation marked around 1.0930.
As a result, the quote’s further downside towards the 100-bar Simple Moving Average (SMA), close to 1.0825 by the press time, appears imminent.
However, the 200-SMA and January 10 low, respectively near 1.0720 and 1.0710, could challenge the EUR/USD bears afterward.
In a case where the EUR/USD pair remains bearish past 1.0710, its slump toward the monthly low near 1.0480 can’t be ruled out.
Alternatively, recovery moves must cross the support-turned-resistance line from January 10, close to 1.0860 at the latest, to tease EUR/USD buyers.
Even so, the aforementioned double tops near 1.0930 will be a tough nut to crack for the pair bulls, a break of which could quickly propel the price towards the 1.1000 round figure.
Should the EUR/USD pair remains firmer past 1.1000, its rally toward January 2022 low near 1.1120 can’t be ruled out.
Trend: Further downside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0849 at the time of writing. Pair opened at 1.0865 and is trading with a change of -0.15% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0849 |
| 1 | Today Daily Change | -0.0016 |
| 2 | Today Daily Change % | -0.15% |
| 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 resistance. 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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