#EURUSD @ 1.10589 prints four-day uptrend as it approaches 11-week-old resistance line., @nehcap view: Limited upside expected (Pivot Orderbook analysis)
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- EUR/USD prints four-day uptrend as it approaches 11-week-old resistance line.
- Sustained trading above key support lines keep Euro buyers hopeful.
- Nearly overbought RSI (14) prods further upside; bears need validation from 1.0955.
The pair currently trades last at 1.10589.
The previous day high was 1.105 while the previous day low was 1.0966. The daily 38.2% Fib levels comes at 1.1018, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0998, expected to provide support.
EUR/USD picks up bids to refresh a one-week high with 1.1066 as bulls keep the reins during early Tuesday, portraying a four-day uptrend of late.
The Euro pair’s latest rebound could be linked to its successful rebound from the one-month-old ascending support line, as well as an upward-sloping trend line from the mid-March, respectively near 1.0985 and 1.0955 in that order.
However, a downward-sloping resistance line from early February 2023, close to 1.1085 at the latest, could join the nearly overbought conditions of the RSI (14) line to challenge the EUR/USD bulls past 1.1085.
Even if the quote remains firmer past 1.1085, the 1.1100 psychological magnet can prod the EUR/USD bulls before directing them to the March 2022 peak of around 1.1185.
On the contrary, EUR/USD bears may initially aim for the 1.1000 round figure before highlighting the aforementioned support lines near 1.0985 and 1.0955.
It should be noted that March’s high of around 1.0930 can act as an extra filter towards the south if at all the Euro pair drops below 1.0955 support.
Following that, the monthly low of near 1.0788 gains the market’s attention and give control to the EUR/USD bears.
Overall, EUR/USD is likely to remain firmer even if the upside room appears limited.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.1059 at the time of writing. Pair opened at 1.1046 and is trading with a change of 0.12% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.1059 |
| 1 | Today Daily Change | 0.0013 |
| 2 | Today Daily Change % | 0.12% |
| 3 | Today daily open | 1.1046 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0934, 50 SMA 1.0774, 100 SMA @ 1.0742 and 200 SMA @ 1.0398.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0934 |
| 1 | Daily SMA50 | 1.0774 |
| 2 | Daily SMA100 | 1.0742 |
| 3 | Daily SMA200 | 1.0398 |
The previous day high was 1.105 while the previous day low was 1.0966. The daily 38.2% Fib levels comes at 1.1018, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0998, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0991, 1.0937, 1.0907
- Pivot resistance is noted at 1.1076, 1.1105, 1.116
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.1050 |
| Previous Daily Low | 1.0966 |
| Previous Weekly High | 1.1000 |
| Previous Weekly Low | 1.0909 |
| Previous Monthly High | 1.0930 |
| Previous Monthly Low | 1.0516 |
| Daily Fibonacci 38.2% | 1.1018 |
| Daily Fibonacci 61.8% | 1.0998 |
| Daily Pivot Point S1 | 1.0991 |
| Daily Pivot Point S2 | 1.0937 |
| Daily Pivot Point S3 | 1.0907 |
| Daily Pivot Point R1 | 1.1076 |
| Daily Pivot Point R2 | 1.1105 |
| Daily Pivot Point R3 | 1.1160 |
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