#EURUSD @ 1.09863 holds lower grounds after reversing from the highest levels in one year., @nehcap view: Further downside expected (Pivot Orderbook analysis)
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- EUR/USD holds lower grounds after reversing from the highest levels in one year.
- Resistance-turned-support from early April challenges intraday sellers amid steady RSI.
- Bearish MACD signals join downside break of previously key horizontal support, one-week-old ascending trend line to favor Euro sellers.
The pair currently trades last at 1.09863.
The previous day high was 1.1076 while the previous day low was 1.0972. The daily 38.2% Fib levels comes at 1.1012, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1036, expected to provide resistance.
EUR/USD remains pressured around 1.0980 as bears approach a two-week-old previous resistance while extending Friday’s U-turn from a one-year high during Monday’s Asian session.
Adding strength to the downside bias is the previous day’s EUR/USD decline below the horizontal area comprising multiple levels marked since early February, as well as a one-week-old ascending trend line.
Furthermore, bearish MACD signals and the quote’s U-turn from 1.1075 also keep Euro sellers hopeful of testing the aforementioned horizontal support area surrounding 1.0970.
However, an upward-sloping support line from mid-March and the 100-SMA, respectively near 1.0910 and 1.0895, can challenge the EUR/USD bears before offering them a free hand to prod the monthly low of 1.0788.
It’s worth noting that the late March high of around 1.0930 also acts as short-term key support to watch for the EUR/USD pair sellers.
Meanwhile, the Euro pair’s recovery remains elusive below the aforementioned short-term support-turned-resistance line and a multi-day-old horizontal area, close to 1.1030-40 by the press time.
Even if the EUR/USD buyers manage to cross the 1.1040 hurdle, the latest peak of 1.1075 appears a tough nut to crack for them ahead of challenging the late March 2022 high of near 1.1185.
Trend: Further downside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0984 at the time of writing. Pair opened at 1.0992 and is trading with a change of -0.07% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0984 |
| 1 | Today Daily Change | -0.0008 |
| 2 | Today Daily Change % | -0.07% |
| 3 | Today daily open | 1.0992 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0878, 50 SMA 1.0743, 100 SMA @ 1.071 and 200 SMA @ 1.037.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0878 |
| 1 | Daily SMA50 | 1.0743 |
| 2 | Daily SMA100 | 1.0710 |
| 3 | Daily SMA200 | 1.0370 |
The previous day high was 1.1076 while the previous day low was 1.0972. The daily 38.2% Fib levels comes at 1.1012, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1036, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.0951, 1.091, 1.0847
- Pivot resistance is noted at 1.1054, 1.1117, 1.1158
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.1076 |
| Previous Daily Low | 1.0972 |
| Previous Weekly High | 1.1076 |
| Previous Weekly Low | 1.0837 |
| Previous Monthly High | 1.0930 |
| Previous Monthly Low | 1.0516 |
| Daily Fibonacci 38.2% | 1.1012 |
| Daily Fibonacci 61.8% | 1.1036 |
| Daily Pivot Point S1 | 1.0951 |
| Daily Pivot Point S2 | 1.0910 |
| Daily Pivot Point S3 | 1.0847 |
| Daily Pivot Point R1 | 1.1054 |
| Daily Pivot Point R2 | 1.1117 |
| Daily Pivot Point R3 | 1.1158 |
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