#EURUSD @ 1.09049 grinds higher after upbeat start to the NFP week., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• EUR/USD grinds higher after upbeat start to the NFP week.
• Bullish MACD signals, ascending RSI (14) line keeps buyers hopeful of overcoming 10-week-old horizontal resistance.
• Short-term DMA confluence, ascending trend line from September challenge Euro bears.

The pair currently trades last at 1.09049.

The previous day high was 1.0917 while the previous day low was 1.0788. The daily 38.2% Fib levels comes at 1.0868, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0837, expected to provide support.

EUR/USD holds onto the week-start strength as bulls approach the all-important 1.0930 resistance, around 1.0910 by the press time of early Tuesday.

In doing so, the Euro pair justifies the bullish MACD signals and the upward-sloping RSI (14) line, not overbought.

Adding strength to the upside bias is the Euro pair’s successful trading beyond the convergence of the 21-DMA and the 50-DMA, around 1.0730-25 by the press time.

As a result, the EUR/USD buyers are likely to overcome the key resistance area comprising multiple levels marked since late January 2023.

Following that the Year-To-Date (YTD) high of 1.1033 may act as an extra filter towards the north before directing the EUR/USD bulls to the 61.8% Fibonacci Expansion (FE) of its November 2022 to March 2023 moves, near 1.1190.

It should be noted that the 1.000 psychological magnet may also check the Euro pair buyers.

Meanwhile, a downside break of the aforementioned DMA confluence, near 1.0730-25, isn’t an open invitation to the EUR/USD bears as an ascending support line from September 2022, close to1.0630 at the latest, could act as the last defense of the buyers.

In a case where the Euro pair remains below 1.0630, its slump to the previous monthly low of 1.0548 can’t be ruled out.

Trend: Further upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0907 at the time of writing. Pair opened at 1.0897 and is trading with a change of 0.09% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0735, 50 SMA 1.0732, 100 SMA @ 1.0657 and 200 SMA @ 1.0343.

The previous day high was 1.0917 while the previous day low was 1.0788. The daily 38.2% Fib levels comes at 1.0868, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0837, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0818, 1.0739, 1.0689
• Pivot resistance is noted at 1.0946, 1.0996, 1.1075

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