#EURUSD @ 1.05896 treads water after bouncing off 1.0530 support confluence, as well as crossing short-term resistance line., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• EUR/USD treads water after bouncing off 1.0530 support confluence, as well as crossing short-term resistance line.
• Downbeat oscillators, 50-day EMA challenge Euro bulls amid a quiet session.
• Bears have a bumpy road on their return unless breaking 1.0440 mark.

The pair currently trades last at 1.05896.

The previous day high was 1.062 while the previous day low was 1.0533. The daily 38.2% Fib levels comes at 1.0587, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0566, expected to provide support.

EUR/USD bulls take a breather around 1.0600 during early Tuesday, after posting the biggest daily gain in nearly a month the previous day. Even so, the major currency pair remains on the way to posting the first monthly loss in five.

That said, the quote’s sustained bounce off the 1.0530 support confluence, as well as a clear upside break of the previous resistance line from February 14, keeps the short-term EUR/USD buyers hopeful.

It’s worth noting that the 50-day Exponential Moving Average (EMA) and 61.8% Fibonacci retracement level of the pair’s moves between late November 2022 and early February 2023 highlights 1.0530 as the key support.

However, the bearish MACD signals and downbeat RSI (14), as well as the EUR/USD pair’s recent inaction around the 1.0600 round figure, challenge the bulls below the 50-day EMA hurdle of 1.0665.

Hence, the EUR/USD remains on the bull’s radar but the recovery moves need validation from the 1.0665 hurdle, a break of which could quickly propel the quote towards the mid-February swing high surrounding 1.0800.

Meanwhile, a downside break of the resistance-turned-support line, near 1.0585 by the press time, could drag the pair back to the 1.0530 support confluence.

It should be noted that the pair’s weakness past 1.0530 could witness a bumpy road towards the south as lows marked during January 2023 and early December 2022 could challenge the bears around 1.0480 and 1.0440 in that order.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0607 at the time of writing. Pair opened at 1.0608 and is trading with a change of -0.01% % .

The pair is trading below its 20 Daily moving average @ 1.0718, below its 50 Daily moving average @ 1.0726 , above its 100 Daily moving average @ 1.046 and above its 200 Daily moving average @ 1.0331

The previous day high was 1.062 while the previous day low was 1.0533. The daily 38.2% Fib levels comes at 1.0587, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0566, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0554, 1.05, 1.0467
• Pivot resistance is noted at 1.0641, 1.0674, 1.0728

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