#EURUSD @ 1.07193 seesaws around one-month high during a three-day uptrend., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• EUR/USD seesaws around one-month high during a three-day uptrend.
• Convergence of 50-DMA, 38.2% Fibonacci retracement level challenge buyers.
• Sustained bounce off 100-DMA, the strongest bullish MACD signal in two months suggest further upside.

The pair currently trades last at 1.07193.

The previous day high was 1.0701 while the previous day low was 1.0574. The daily 38.2% Fib levels comes at 1.0652, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0622, expected to provide support.

EUR/USD bulls take a breather around the 1.0730 resistance confluence after refreshing the one-month during early Monday. In doing so, the Euro pair jostles with a convergence of the 50-DMA and 38.2% Fibonacci retracement level of the quote’s upside from November 2022 to the previous monthly top.

The MACD prints the strongest bullish signal since early January and joins the aforementioned catalysts to keep EUR/USD buyers hopeful.

Additionally, the major currency pair’s successful upside break of a one-month-old descending resistance line, now support around 1.0630, joins the sustained bounce off the 100-DMA level surrounding 1.0540 to favor the EUR/USD bulls.

Even if the Euro bears manage to conquer the 1.0540 support, the low marked so far in March near 1.0525 precedes January’s bottom surrounding 1.0480 to challenge the further downside.

On the flip side, the EUR/USD pair’s daily closing beyond the 1.0730 resistance confluence could quickly direct buyers towards a three-month-old resistance line, near 1.0820 at the latest.

It should, however, be noted that the Euro pair’s run-up beyond 1.0820 may need validation from late January’s swing high of near 1.0930 before challenging the previous monthly top close to 1.1035.

Overall, EUR/USD is likely to rise further but a daily closing beyond 1.0730 could fasten the run-up.

Trend: Further upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0728 at the time of writing. Pair opened at 1.0637 and is trading with a change of 0.86% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0634, 50 SMA 1.0722, 100 SMA @ 1.0534 and 200 SMA @ 1.0326.

The previous day high was 1.0701 while the previous day low was 1.0574. The daily 38.2% Fib levels comes at 1.0652, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0622, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0574, 1.0511, 1.0447
• Pivot resistance is noted at 1.07, 1.0764, 1.0827

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