#EURUSD @ 1.09137 remains pressured at the lowest level in a month., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• EUR/USD remains pressured at the lowest level in a month.
• Bears flirt with 50-day EMA after breaking key support confluence.
• Steady RSI (14) line, bearish MACD signals joins support break to favor Euro sellers.

The pair currently trades last at 1.09137.

The previous day high was 1.1007 while the previous day low was 1.0942. The daily 38.2% Fib levels comes at 1.0982, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0966, expected to provide resistance.

EUR/USD sellers attack the 1.0900 round figure, renewing the intraday low near 1.0910 amid the mid-Asian session on Friday. That said, the Euro pair broke a short-term key support confluence to post the biggest daily slump in two weeks the previous day.

In addition to the downside break of convergence of the 21-day Exponential Moving Average (EMA) and the bottom line of a one-month-old bullish channel, around 1.0970, the EUR/USD sellers also cheer bearish MACD signals to renew the monthly low on Thursday.

Adding strength to the Euro pair’s downside bias is the absence of an oversold RSI (14) line. However, the 50-day EMA level of around 1.0895 prods the EUR/USD bears of late.

Should the EUR/USD bears keep the reins past 1.0895, the 38.2% and 50% Fibonacci retracement level of its January-April increase, respectively near 1.0860 and 1.0790, can’t be ruled out.

Alternatively, the EUR/USD pair’s corrective bounce remains elusive unless the quote stays below the 1.0970 support-turned-resistance.

Even if the major currency pair crosses the 1.0970 hurdle, the 1.1000 round figure and multiple hurdles around 1.1050 may challenge the EUR/USD bulls before directing them to the aforementioned channel’s top line, close to 1.1120 at the latest.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0917 at the time of writing. Pair opened at 1.0982 and is trading with a change of -0.59% % .

The pair is trading below its 20 Daily moving average @ 1.0999, above its 50 Daily moving average @ 1.0861 , above its 100 Daily moving average @ 1.0793 and above its 200 Daily moving average @ 1.0446

The previous day high was 1.1007 while the previous day low was 1.0942. The daily 38.2% Fib levels comes at 1.0982, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0966, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0947, 1.0912, 1.0882
• Pivot resistance is noted at 1.1012, 1.1042, 1.1078

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