#EURUSD @ 1.10199 portrays sluggish markets as bulls keep the reins near multi-month high., @nehcap view: Limited upside expected (Pivot Orderbook analysis)
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- EUR/USD portrays sluggish markets as bulls keep the reins near multi-month high.
- Overbought RSI, sluggish MACD challenges further upside but 21-DMA puts a floor under the price.
- Convergence of horizontal area from late January 2022, five-month-old ascending trend line appears a tough nut to crack for bulls.
The pair currently trades last at 1.10199.
The previous day high was 1.1001 while the previous day low was 1.0852. The daily 38.2% Fib levels comes at 1.0944, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0909, expected to provide support.
EUR/USD clings to mild gains around 1.1020 as buyers keep the reins during the third consecutive day heading into Thursday’s European session. In doing so, the major currency pair remains firmer at the highest levels since early April 2022.
That said, the overbought RSI (14) and sluggish MACD signals seem to challenge the EUR/USD bulls of late.
Even if the European Central Bank (ECB) manages to propel the prices, a joint of the 13-month-old horizontal area and an ascending trend line from late September 2022 appears a tough nut to crack for the EUR/USD bulls, around 1.1120-30.
It’s worth noting that the EUR/USD pair’s run-up beyond 1.1130 needs validation from the March 2022 peak surrounding 1.1185 before challenging the mid-2022 top of 1.1495.
On the flip side, pullback moves could rest near the 1.0950-25 support area comprising multiple levels marked since late March 2022.
Following that, the 21-DMA level surrounding 1.0825 could probe the EUR/USD bears.
In a case where EUR/USD remains bearish past 1.0825, the 61.8% Fibonacci retracement level of the pair’s February-September 2022 downturn near 1.0745 could act as the last defense of the buyers.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.1024 at the time of writing. Pair opened at 1.0988 and is trading with a change of 0.33% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.1024 |
| 1 | Today Daily Change | 0.0036 |
| 2 | Today Daily Change % | 0.33% |
| 3 | Today daily open | 1.0988 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0814, 50 SMA 1.0659, 100 SMA @ 1.0303 and 200 SMA @ 1.0316.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0814 |
| 1 | Daily SMA50 | 1.0659 |
| 2 | Daily SMA100 | 1.0303 |
| 3 | Daily SMA200 | 1.0316 |
The previous day high was 1.1001 while the previous day low was 1.0852. The daily 38.2% Fib levels comes at 1.0944, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0909, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0893, 1.0798, 1.0744
- Pivot resistance is noted at 1.1042, 1.1096, 1.1191
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.1001 |
| Previous Daily Low | 1.0852 |
| Previous Weekly High | 1.0930 |
| Previous Weekly Low | 1.0835 |
| Previous Monthly High | 1.0930 |
| Previous Monthly Low | 1.0483 |
| Daily Fibonacci 38.2% | 1.0944 |
| Daily Fibonacci 61.8% | 1.0909 |
| Daily Pivot Point S1 | 1.0893 |
| Daily Pivot Point S2 | 1.0798 |
| Daily Pivot Point S3 | 1.0744 |
| Daily Pivot Point R1 | 1.1042 |
| Daily Pivot Point R2 | 1.1096 |
| Daily Pivot Point R3 | 1.1191 |
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