#EURUSD @ 1.06950 stays depressed despite latest corrective bounce, remains sidelined overall. (Pivot Orderbook analysis)
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- EUR/USD stays depressed despite latest corrective bounce, remains sidelined overall.
- Downbeat German data, easing inflation expectations prod ECB hawks.
- Fed policymakers observe pre-FOMC silence period, light calendar adds to the market’s indecision.
- Receding hawkish bets on FOMC fails to inspire Euro bears despite downbeat EU signals.
The pair currently trades last at 1.06950.
The previous day high was 1.0722 while the previous day low was 1.0675. The daily 38.2% Fib levels comes at 1.0704, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0693, expected to provide support.
EUR/USD licks its wounds around 1.0700 as bulls and bears jostle during a sluggish week comprising unimpressive data and the Fed blackout. That said, the Euro price pared intraday losses during late Tuesday but remains sidelined as the early Asian session morning restricts the market’s moves.
That said, the quote dropped the previous day amid downbeat EU data and receding hawkish concerns from the European Central Bank (ECB). However, a lack of inspiration for the US Dollar bulls put a floor under the EUR/USD price.
On Tuesday, Germany’s Factory Orders slumped to -9.9% YoY in April versus -8.9% expected and -11.2% (revised). Elsewhere, Eurozone Retail Sales for April improved on YoY to -2.6% from -3.3% (revised) prior and -3.0% expected but marked an unimpressive monthly figure of 0.0% compared to 0.2% market forecasts and -0.4% previous readings (revised).
Furthermore, results of the European Central Bank’s (ECB) monthly survey of consumer expectations for inflation unveils that inflation expectations among Eurozone consumers decreased significantly in April, to 4.1% for the next 12 months from 5.0% expected in March. However, the growth expectations improved to -0.8% versus -1.0% expected in March.
It should be noted that European Central Bank (ECB) policymaker Klaas Knot said on Tuesday, “We will keep tightening policy until we see inflation returning to 2% but this must be done step by step.”
On a different page, the US Dollar Index (DXY) rose 0.13% on a day to 104.12 by the end of Tuesday as a resolution to the United States default fears propelled bond offerings from the government but marked a mixed response on the yields as the 10-year coupons remain sluggish at around 3.69% whereas the two-year counterparts rose a bit to 4.50%. However, downbeat United States activity data released on Monday, as well as the previously dovish comments from the Federal Reserve (Fed) Officials ahead of the pre-Fed blackout, restrict the US Dollar moves.
Amid these pays, the technology stocks remained firmer but the manufacturing ones weighed on the sentiment and pared Wall Street’s gains. Even so, the US equities closed with minor gains.
Looking ahead, German Industrial Production and the US foreign trade numbers decorate today’s economic calendar but major attention should be given to the risk catalysts for clear directions.
Despite the latest inaction, the EUR/USD pair remains above the previous resistance line stretched from early May, as well as the 200-day Exponential Moving Average (EMA), respectively near 1.0650 and 1.0690, which in turn keeps the Euro buyers hopeful.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0695 at the time of writing. Pair opened at 1.0713 and is trading with a change of -0.17% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0695 |
| 1 | Today Daily Change | -0.0018 |
| 2 | Today Daily Change % | -0.17% |
| 3 | Today daily open | 1.0713 |
The pair is trading below its 20 Daily moving average @ 1.0798, below its 50 Daily moving average @ 1.0895 , below its 100 Daily moving average @ 1.0812 and above its 200 Daily moving average @ 1.0505
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0798 |
| 1 | Daily SMA50 | 1.0895 |
| 2 | Daily SMA100 | 1.0812 |
| 3 | Daily SMA200 | 1.0505 |
The previous day high was 1.0722 while the previous day low was 1.0675. The daily 38.2% Fib levels comes at 1.0704, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0693, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0684, 1.0656, 1.0637
- Pivot resistance is noted at 1.0732, 1.0751, 1.078
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0722 |
| Previous Daily Low | 1.0675 |
| Previous Weekly High | 1.0779 |
| Previous Weekly Low | 1.0635 |
| Previous Monthly High | 1.1092 |
| Previous Monthly Low | 1.0635 |
| Daily Fibonacci 38.2% | 1.0704 |
| Daily Fibonacci 61.8% | 1.0693 |
| Daily Pivot Point S1 | 1.0684 |
| Daily Pivot Point S2 | 1.0656 |
| Daily Pivot Point S3 | 1.0637 |
| Daily Pivot Point R1 | 1.0732 |
| Daily Pivot Point R2 | 1.0751 |
| Daily Pivot Point R3 | 1.0780 |
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