#EURUSD @ 1.09041 US Dollar drops across the board despite higher yields. (Pivot Orderbook analysis)

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• US Dollar drops across the board despite higher yields.
• A better mood in equity markets weighs on the Greenback.
• EUR/USD holds firm above 1.0900, further away from Monday’s weekly lows.

The pair currently trades last at 1.09041.

The previous day high was 1.0917 while the previous day low was 1.0837. The daily 38.2% Fib levels comes at 1.0868, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0887, expected to provide support.

The EUR/USD rose to 1.0928, reaching the highest level since last Thursday, and then pulled back. The Euro holds a bullish tone but remains unable to break above 1.0930.

The short-term technical bias favors the Euro, particularly while above 1.0900. Below, the next support stands at 1.0880. Above daily highs, more gains seem likely, but the common currency faces many horizontal levels until 1.0955.

The US Dollar Index is falling on Tuesday, erasing most of Monday’s gains. The DXY is approaching 102.00 and is ending a 4-day positive streak.

Federal Reserve (Fed) Bank of New York President John Williams said on Tuesday that they need to stay in “data-dependent mode,” and added that if inflation comes down, they will have to lower interest rates.

US yields are modestly higher on Tuesday, with the 10-year Treasury yield at 3.43% and the 2-year at weekly highs at 4.04%. European yields are also higher, as market participants fully price in a 25 basis point rate hike from the European Central Bank at their next meeting in May.

Data from the Eurozone showed a decline of 0.8% in Retail Sales in March, in line with expectations. With no relevant reports from the US om Tuesday, the focus is on the Consumer Price Index due on Wednesday.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.092 at the time of writing. Pair opened at 1.0861 and is trading with a change of 0.54 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.081, 50 SMA 1.0735, 100 SMA @ 1.0685 and 200 SMA @ 1.0355.

The previous day high was 1.0917 while the previous day low was 1.0837. The daily 38.2% Fib levels comes at 1.0868, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0887, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0827, 1.0792, 1.0747
• Pivot resistance is noted at 1.0907, 1.0952, 1.0987

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