#EURUSD @ 1.08758 is looking for a break above 1.0880 amid a cheerful market mood. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• EUR/USD is looking for a break above 1.0880 amid a cheerful market mood.
• The US Treasury expects that it would be able to pay bills only through June 1 without a debt limit increase.
• Eurozone GDP is seen unchanged on a quarterly and an annual basis at 0.1% and 1.3% respectively.

The pair currently trades last at 1.08758.

The previous day high was 1.0936 while the previous day low was 1.0848. The daily 38.2% Fib levels comes at 1.0881, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0902, expected to provide resistance.

The EUR/USD pair is showing a back-and-forth action below the immediate resistance of 1.0880 in the Asian session. The major currency pair is expected to surpass the immediate resistance as the US Dollar Index (DXY) is still in a corrective mode.

S&P500 futures added decent gains on Monday as the Federal Reserve (Fed) is perceived to pause the interest-rate hiking spell. Easing fears of recession due to no further restriction on the interest rate policy will induce optimism among investors and general producers.

The USD Index is expected to extend its correction further below 102.40 amid dovish commentary from Atlanta Federal Reserve President Raphael Bostic. Fed policymaker told Bloomberg on Monday that, if he were voting now, he would vote to hold rates in June. However, he warned that he has to keep a possible rate hike on the table.

On Tuesday, investors will keenly focus on US debt-ceiling negotiations. Reuters reported that “The US Treasury Department reiterated on Monday it expects that it would be able to pay the US government’s bills only through June 1 without a debt limit increase, increasing pressure on congressional Republicans and the White House to reach a deal in coming days.”

Meanwhile, Eurozone investors will keep focusing on preliminary Gross Domestic Product (GDP) data for the first quarter of CY2023. The pace in GDP growth is seen unchanged on a quarterly and an annual basis at 0.1% and 1.3% respectively.

The street is confused about the number of interest rate hikes from the European Central Bank (ECB). MNI reported on Monday that the ECB was most likely to raise key rates once or twice more in this tightening cycle.

According to MNI, the majority of the ECB Governing Council still sees it unlikely for the policy rate to reach 4%.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0877 at the time of writing. Pair opened at 1.0849 and is trading with a change of 0.26 % .

The pair is trading below its 20 Daily moving average @ 1.0985, above its 50 Daily moving average @ 1.0871 , above its 100 Daily moving average @ 1.0799 and above its 200 Daily moving average @ 1.0453

The previous day high was 1.0936 while the previous day low was 1.0848. The daily 38.2% Fib levels comes at 1.0881, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0902, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0819, 1.079, 1.0732
• Pivot resistance is noted at 1.0907, 1.0965, 1.0994

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group