#EURUSD @ 1.07744 picks up bids to consolidate recent losses, forms bullish chart pattern., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)

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• EUR/USD picks up bids to consolidate recent losses, forms bullish chart pattern.
• Convergence of 50-HMA, 100-HMA and fortnight-long resistance line appears a tough nut to crack for Euro buyers.
• Sellers can aim for late March swing lows on 1.0760 breakdown.
• ECB’s Lagarde, Fed Minutes eyed for clear directions.

The pair currently trades last at 1.07744.

The previous day high was 1.082 while the previous day low was 1.076. The daily 38.2% Fib levels comes at 1.0783, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0798, expected to provide resistance.

EUR/USD glides on a dicey floor with mild gains around 1.0775 as it waits for the key catalysts on early Wednesday in Europe. In doing so, the Euro pair forms a bullish chart pattern called the “Double Bottom” with eyes on a speech from European Central Bank (ECB) President Christine Lagarde and Minutes of the latest Federal Open Market Committee (FOMC) Monetary Policy Meeting.

Also read: EUR/USD dribbles below 1.0800 amid lackluster US debt ceiling talks, focus on ECB’s Lagarde, Fed Minutes

Not only the “Double Bottom” formation but the recent improvements in the RSI (14) line from the oversold territory and the bullish MACD signals also underpin the hopes of the EUR/USD pair’s further recovery.

However, the 100-Hour Moving Average (HMA) joins the 50-HMA and a downward-sloping trend line from early May to constitute the 1.0800 as the key upside hurdle for the Euro buyers to cross to retake control.

Following that, a quick run-up towards the 200-HMA and mid-May low, respectively near 1.0835 and 1.0845 can’t be ruled out.

On the contrary, EUR/USD pullback remains elusive unless the quote stays beyond the “Double Bottom” of around 1.0760.

Should the Euro bears manage to conquer the 1.0760 key support and defy the bullish chart formation, the pair becomes vulnerable to plunging toward the late March low of near 1.0715.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0776 at the time of writing. Pair opened at 1.077 and is trading with a change of 0.06% % .

The pair is trading below its 20 Daily moving average @ 1.093, below its 50 Daily moving average @ 1.0897 , below its 100 Daily moving average @ 1.0812 and above its 200 Daily moving average @ 1.0473

The previous day high was 1.082 while the previous day low was 1.076. The daily 38.2% Fib levels comes at 1.0783, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0798, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0747, 1.0723, 1.0687
• Pivot resistance is noted at 1.0807, 1.0844, 1.0867

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