#EURUSD @ 1.09743 remains sidelined after posting the biggest daily slump in six weeks., @nehcap view: Downside expected (Pivot Orderbook analysis)

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• EUR/USD remains sidelined after posting the biggest daily slump in six weeks.
• 50-SMA, 100-SMA restrict immediate Euro moves while defending buyers past one-month-old ascending support line.
• Downbeat oscillators, failure to pick-up bids keep EUR/USD bears hopeful.
• US Durable Goods Orders for March will provide early signals for the key US Q1 GDP.

The pair currently trades last at 1.09743.

The previous day high was 1.1067 while the previous day low was 1.0964. The daily 38.2% Fib levels comes at 1.1003, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1028, expected to provide resistance.

EUR/USD treads water around 1.0980 heading into Wednesday’s European session as bears take a breather after posting the biggest daily loss in 1.5 months. Also challenging the Euro pair’s latest moves could be the cautious mood ahead of the US Durable Goods Orders for March, expected to improve to 0.8% versus -1.0% prior.

Also read: EUR/USD licks its wounds near 1.0970 after banking woes propelled the biggest daily fall in six weeks

Apart from an immediate challenge to the EUR/USD pair’s momentum caused by the 50-SMA and the 100-SMA, an upward-sloping support line from late March, also restrict the quote’s nearby moves by offering a strong support around 1.0955.

It’s worth noting, however, that the quote’s hesitance in accepting bids joins the bearish MACD signals and a mostly steady RSI (14) keeps the EUR/USD sellers hopeful.

However, a clear downside break of the 1.0955 support confluence, encompassing the 100-SMA and the aforementioned trend line, becomes necessary to convince the Euro sellers.

Even so, the 200-SMA level of 1.0865 can act as the last defense of the EUR/USD buyers.

On the contrary, an upside break of the 50-SMA hurdle of 1.0980 will need validation from the 1.1000 psychological magnet to convince the Euro bulls.

Following that, a descending resistance line from mid-April, close to 1.1065 at the latest, will be crucial for the EUR/USD pair to cross to keep the bulls on board.

Trend: Downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0975 at the time of writing. Pair opened at 1.0973 and is trading with a change of 0.02% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.094, 50 SMA 1.0778, 100 SMA @ 1.0747 and 200 SMA @ 1.0401.

The previous day high was 1.1067 while the previous day low was 1.0964. The daily 38.2% Fib levels comes at 1.1003, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1028, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0936, 1.0898, 1.0832
• Pivot resistance is noted at 1.1039, 1.1104, 1.1142

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