#EURUSD @ 1.09771 US JOLTS comes in below expectations while Factory Orders rise 0.9% versus the expected 0.8%. (Pivot Orderbook analysis)

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• US JOLTS comes in below expectations while Factory Orders rise 0.9% versus the expected 0.8%.
• The FOMC meeting kicks off, with a 25 basis points rate hike already priced in.
• EUR/USD turns flat for the day amid a weaker US Dollar.

The pair currently trades last at 1.09771.

The previous day high was 1.1036 while the previous day low was 1.0964. The daily 38.2% Fib levels comes at 1.0992, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1008, expected to provide resistance.

The EUR/USD erased losses after the release of US economic data, rising from its weekly lows to levels above 1.0970. The pair is now flat for the day, ending a three-day negative streak, ahead of crucial central bank meetings.

The final reading of US Factory Orders showed a rise of 0.9% in March, slightly above the market consensus of 0.8%. The JOLTS report showed that “the number of job openings decreased to 9.6 million on the last business day of March,” softer than the expected 9.7 million.

The US Dollar lost momentum after the reports, and EUR/USD rebounded rising more than 25 pips. The US Dollar Index is up for the day, trading at 102.25. US yields have plunged to new lows, with the US 10-year yields falling to 3.47% and the 2-year to 4.04%.

Attention now turns to the central banks. The FOMC will announce its decision on Wednesday, with a 25 basis point rate hike already priced in, while the European Central Bank (ECB) will have its meeting on Thursday. Prior to the FOMC, ADP will release its employment report on Wednesday.

The EUR/USD pair currently holds a bearish bias in the short term and is challenging an important support level around 1.0950. It bottomed on Tuesday at 1.0941, the lowest level since April 21, but has since bounced back toward 1.0980.

If the Euro recovers levels above 1.0970, it could change the intraday bias to positive; resistance levels above are located at 1.0990 and 1.1005. Under 1.0950, further weakness seems likely, with the next crucial support level at 1.0930.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0959 at the time of writing. Pair opened at 1.0974 and is trading with a change of -0.14 % .

The pair is trading below its 20 Daily moving average @ 1.0969, above its 50 Daily moving average @ 1.0805 , above its 100 Daily moving average @ 1.0766 and above its 200 Daily moving average @ 1.0417

The previous day high was 1.1036 while the previous day low was 1.0964. The daily 38.2% Fib levels comes at 1.0992, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1008, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0947, 1.092, 1.0876
• Pivot resistance is noted at 1.1018, 1.1062, 1.1089

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