#EURUSD @ 1.07304 Price Analysis: Euro bears attack golden Fibonacci ratio on the way to 1.0700, @nehcap view: Corrective bounce expected (Pivot Orderbook analysis)
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The pair currently trades last at 1.07304.
The previous day high was 1.0801 while the previous day low was 1.0748. The daily 38.2% Fib levels comes at 1.0769, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0781, expected to provide resistance.
EUR/USD licks its wounds at the lowest levels since late March amid lackluster markets heading into Thursday’s European session, mildly offered near 1.0735 by the press time.
In doing so, the Euro pair justifies the previous day’s clear downside break of 10-week-old horizontal support, now immediate resistance near 1.0760.
However, the oversold RSI (14) line joins the 61.8% Fibonacci retracement of the pair’s March-April upside, near 1.0735, to challenge the EUR/USD bears.
In a case where the Euro sellers manage to conquer the key Fibonacci retracement, also known as the golden Fibonacci ratio, the odds of witnessing a slump toward the mid-March swing low of around 1.0516 can’t be ruled out. It should be observed that the 1.0700 and 1.0600 round figures may act as intermediate halts during the likely fall.
On the contrary, EUR/USD recovery can initially aim for the previous support line from mid-March, close to 1.0760, before challenging the 21-bar Exponential Moving Average (EMA) hurdle of around 1.0780.
Following that, an upward-sloping trend line from March 21, previous support near 1.0840, may act as the last defense of the EUR/USD bears.
Overall, EUR/USD is likely to remain pressured but the bears need a pause to gather strength.
Trend: Corrective bounce expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.074 at the time of writing. Pair opened at 1.075 and is trading with a change of -0.09% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.074 |
| 1 | Today Daily Change | -0.0010 |
| 2 | Today Daily Change % | -0.09% |
| 3 | Today daily open | 1.075 |
The pair is trading below its 20 Daily moving average @ 1.0916, below its 50 Daily moving average @ 1.09 , below its 100 Daily moving average @ 1.0813 and above its 200 Daily moving average @ 1.0476
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0916 |
| 1 | Daily SMA50 | 1.0900 |
| 2 | Daily SMA100 | 1.0813 |
| 3 | Daily SMA200 | 1.0476 |
The previous day high was 1.0801 while the previous day low was 1.0748. The daily 38.2% Fib levels comes at 1.0769, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0781, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.0731, 1.0713, 1.0678
- Pivot resistance is noted at 1.0784, 1.0819, 1.0837
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0801 |
| Previous Daily Low | 1.0748 |
| Previous Weekly High | 1.0904 |
| Previous Weekly Low | 1.0760 |
| Previous Monthly High | 1.1095 |
| Previous Monthly Low | 1.0788 |
| Daily Fibonacci 38.2% | 1.0769 |
| Daily Fibonacci 61.8% | 1.0781 |
| Daily Pivot Point S1 | 1.0731 |
| Daily Pivot Point S2 | 1.0713 |
| Daily Pivot Point S3 | 1.0678 |
| Daily Pivot Point R1 | 1.0784 |
| Daily Pivot Point R2 | 1.0819 |
| Daily Pivot Point R3 | 1.0837 |
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