#EURUSD @ 1.08977 remains depressed around intraday low, snaps three-week uptrend., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• EUR/USD remains depressed around intraday low, snaps three-week uptrend.
• Downside break of three-week-old ascending trend line, receding bullish bias of MACD favor sellers.
• Fortnight-long support line acts as additional check for Euro bears.
• RSI retreat, multiple hurdles above 1.1000 keeps EUR/USD sellers hopeful.

The pair currently trades last at 1.08977.

The previous day high was 1.0924 while the previous day low was 1.0876. The daily 38.2% Fib levels comes at 1.0895, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0906, expected to provide resistance.

EUR/USD remains indecisive around 1.0920, recently bouncing off the intraday low to pare the latest losses amid early Monday.

In doing so, the Euro pair portrays a U-turn from the 10-DMA support while defending the previous week’s hesitance in breaking the key horizontal hurdle from late January, around 1.0930. Even so, the EUR/USD pair remains sidelined after positing a three-week uptrend in the last.

Apart from the Euro pair’s inability to cross the 1.0930 hurdle, the receding bullish bias of the MACD and the RSI (14) line’s retreat also suggest a pullback in the EUR/USD price.

However, a daily closing below the 10-DMA support of 1.0890 becomes necessary for the intraday sellers of the pair. Following that, an upward-sloping support line from March 24, near 1.0850, becomes the last defense of the EUR/USD bulls.

Meanwhile, a daily closing beyond 1.0930 isn’t an open invitation to the EUR/USD bulls as the previous support line from mid-March, around 1.1015 by the press time, precedes the yearly high marked in January around 1.1035, to challenge further upside of the major currency pair.

In a case where EUR/USD remains firmer past 1.1035, the late March 2022 high near 1.1185 will be in focus.

Overall, EUR/USD is well-set for a pullback but the Easter Monday holiday restricts the pair’s moves.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.09 at the time of writing. Pair opened at 1.0904 and is trading with a change of -0.04% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0803, 50 SMA 1.0735, 100 SMA @ 1.0679 and 200 SMA @ 1.0352.

The previous day high was 1.0924 while the previous day low was 1.0876. The daily 38.2% Fib levels comes at 1.0895, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0906, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0879, 1.0854, 1.0831
• Pivot resistance is noted at 1.0927, 1.0949, 1.0975

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