#EURUSD @ 1.05967 remains on the front foot for the second consecutive day as buyers attack 100-HMA., @nehcap view: Pullback expected (Pivot Orderbook analysis)

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• EUR/USD remains on the front foot for the second consecutive day as buyers attack 100-HMA.
• Overbought RSI conditions, 200-HMA challenge recovery from multi-day low.
• Confirmed break of ascending triangle, multiple tops near 1.0690 push back buyers.

The pair currently trades last at 1.05967.

The previous day high was 1.0591 while the previous day low was 1.0538. The daily 38.2% Fib levels comes at 1.0571, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0558, expected to provide support.

EUR/USD bulls attack the 100-Hour Moving Average (HMA) surrounding 1.0600 as they keep the reins during the second consecutive day on early Friday, waiting for the US employment report for February, as well as a speech from European Central Bank (ECB) President Christine Lagarde.

Also read: EUR/USD bulls poke 1.0600 as mixed US data test Fed hawks, US NFP, ECB’s Lagarde eyed

Not only the 100-HMA but the overbought conditions of the RSI line, placed at 14, also challenge the EUR/USD buyers ahead of the top-tier data/events.

Even if the quote surpasses the 1.0600 hurdle, the 200-HMA level surrounding 1.0610 can act as an extra filter towards the north.

Above all, the EUR/USD bears keep the reins unless the quote stays below the lower line of a one-week-old ascending triangle, the previous support surrounding 1.0650.

Following that, multiple tops marked near 1.0690-95, as well as the 1.0700 threshold, should gain the buyer’s attention.

On the contrary, the month-start bottom of around 1.0565 precedes the latest February swing low and the recent trough, respectively near 1.0530 and 1.0520, to challenge the EUR/USD bears.

It should be observed that the pair’s sustained trading below the 1.0520 mark will need validation from the 1.0500 round figure to convince the EUR/USD sellers.

Talking about fundamentals, the inflation woes and Fed Chair Jerome Powell’s hawkish testimony seems to keep the EUR/USD sellers hopeful but the confirmation from today’s US Nonfarm Payrolls (NFP) becomes necessary.

Trend: Pullback expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0595 at the time of writing. Pair opened at 1.0579 and is trading with a change of 0.15% % .

The pair is trading below its 20 Daily moving average @ 1.0636, below its 50 Daily moving average @ 1.0723 , above its 100 Daily moving average @ 1.0527 and above its 200 Daily moving average @ 1.0326

The previous day high was 1.0591 while the previous day low was 1.0538. The daily 38.2% Fib levels comes at 1.0571, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0558, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0548, 1.0516, 1.0495
• Pivot resistance is noted at 1.0601, 1.0622, 1.0654

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