#EURUSD @ 1.09059 pops higher and extends the bull cycle in the 1.09´s. (Pivot Orderbook analysis)

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• EUR/USD pops higher and extends the bull cycle in the 1.09´s.
• All eyes will turn top the US PCE data on Friday.

The pair currently trades last at 1.09059.

The previous day high was 1.0871 while the previous day low was 1.0818. The daily 38.2% Fib levels comes at 1.0851, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0838, expected to provide support.

EUR/USD rallied on easing fears about banking sector troubles and Us stocks on Wall Street have moved higher on encouraging economic signs from the chip industry. In a risk-on setting, EUR/USD has traveled from a low of 1.0823 to a high of 1.0926 so far as investors grew more confident that recent stress in the banking sector would be contained.

The banking turmoil in the collapse of two regional US lenders had sparked concerns about contagion in the banking sector which led to a dramatic shift in monetary policy expectations from the Federal Reserve. Meanwhile, according to CME Group’s Fedwatch tool, bets are now almost equally split between a pause and a 25-basis-point rate hike by the Fed in May,

For further insight, investors are awaiting the February reading of personal consumption expenditures (PCE) on Friday and this is the Fed’s preferred inflation gauge. January figures showed a sharp acceleration in consumer spending so the data will be closely eyed.

Meanwhile, US data on Thursday showed that jobless claims last week rose more than expected from the week before indicating a cooling labor market, while fourth-quarter Gross Domestic Product growth was slightly lower at 2.6% compared with earlier estimates of 2.7%, both supporting the case for a softer Fed policy.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0902 at the time of writing. Pair opened at 1.0844 and is trading with a change of 0.53 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0698, 50 SMA 1.073, 100 SMA @ 1.0639 and 200 SMA @ 1.0338.

The previous day high was 1.0871 while the previous day low was 1.0818. The daily 38.2% Fib levels comes at 1.0851, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0838, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0818, 1.0791, 1.0764
• Pivot resistance is noted at 1.0871, 1.0898, 1.0925

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