#EURUSD @ 1.09124 picks up bids to extend six-day uptrend towards two-month high., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• EUR/USD picks up bids to extend six-day uptrend towards two-month high.
• Multiple hurdles marched since late January challenge Euro pair buyers.
• Sellers need validation 200-SMA, weekly support line restricts immediate downside.
• MACD favors bulls but RSI (14) line suggests limited room towards the north.

The pair currently trades last at 1.09124.

The previous day high was 1.0912 while the previous day low was 1.0759. The daily 38.2% Fib levels comes at 1.0854, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0818, expected to provide support.

EUR/USD bulls occupy the driver’s seat for the sixth consecutive day as they prod 1.0930 mark to renew a seven-week high during early Thursday.

In doing so, the Euro pair extends the Federal Reserve (Fed) inspired gains during the one-week-old upward trajectory, as marked by an ascending trend line from March 15, amid bullish MACD signals.

However, a two-month-old horizontal resistance area surrounding 1.0930-35 joins the overbought RSI (14) line to challenge the EUR/USD buyers.

Hence, it becomes necessary for the pair to provide a successful break of 1.0930 to keep the bulls in dominating position otherwise the bears could cheer good profits on a U-turn.

It should be noted that a downward-sloping resistance line from May 2022, around 1.0950 by the press time, also acts as a short-term upside filter for the EUR/USD pair.

That said, a sustained break of 1.0950 could quickly propel the EUR/USD price toward the monthly high of 1.1033. However, the 1.1000 psychological magnet may act as an intermediate halt during the run-up.

On the flip side, a one-week-old ascending support line, close to 1.0800, puts a floor under the EUR/USD price.

However, the pair sellers should remain cautious unless the quote remains beyond the 200-SMA support of 1.0665.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0925 at the time of writing. Pair opened at 1.0856 and is trading with a change of 0.64% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0644, 50 SMA 1.0731, 100 SMA @ 1.0597 and 200 SMA @ 1.0331.

The previous day high was 1.0912 while the previous day low was 1.0759. The daily 38.2% Fib levels comes at 1.0854, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0818, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0772, 1.0689, 1.0619
• Pivot resistance is noted at 1.0926, 1.0996, 1.1079

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