#EURUSD @ 1.08620 stays pressured towards monthly low after breaking immediate bullish channel formation., @nehcap view: Limited downside expected (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 stays pressured towards monthly low after breaking immediate bullish channel formation.
• Nearly oversold RSI, multiple supports near 1.0845-35 challenge Euro sellers.
• Downbeat MACD signals, jungle of resistances keep EUR/USD bears hopeful.

The pair currently trades last at 1.08620.

The previous day high was 1.0891 while the previous day low was 1.0845. The daily 38.2% Fib levels comes at 1.0873, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0863, expected to provide resistance.

EUR/USD holds lower grounds near 1.0860 amid the early hours of Wednesday’s Asian session, after reversing the week-start rebound on Tuesday.

In doing so, the Euro pair justifies the previous day’s downside break of a weekly bullish channel, as well as the bearish MACD signals, amid a nearly oversold RSI (14) line.

Apart from the RSI (14) line that suggests limited room for the Euro pair towards the south, multiple lows marked since April 10 around 1.0837-45 also challenge the EUR/USD bears.

Hence, the pair sellers may retreat after hitting the aforementioned immediate support, maybe around that, failing to do so won’t hesitate to challenge the previous monthly low of around 1.0785. That said, the 1.0800 round figure may act as an intermediate halt during the likely fall.

On the contrary, the stated channel’s bottom line, near 1.0885 by the press time, guards the immediate recovery of the EUR/USD pair.

Following that, the 100-Hour Moving Average (HMA) and a fortnight-old descending trend line, respectively near 1.0900 and 1.0925, may prod the Euro pair buyers.

It’s worth noting that a horizontal area comprising multiple levels marked since May 02 and the 200-HMA, close to 1.0935-45 and 1.0950 in that order, appear as the last defense of the EUR/USD bears.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0863 at the time of writing. Pair opened at 1.0874 and is trading with a change of -0.10% % .

The pair is trading below its 20 Daily moving average @ 1.0983, below its 50 Daily moving average @ 1.0875 , above its 100 Daily moving average @ 1.0801 and above its 200 Daily moving average @ 1.0456

The previous day high was 1.0891 while the previous day low was 1.0845. The daily 38.2% Fib levels comes at 1.0873, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0863, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.085, 1.0825, 1.0804
• Pivot resistance is noted at 1.0895, 1.0916, 1.0941

[/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