The EURUSD currency pair, trading at 1.10500, does not provide much optimism despite the US Dollar losing ground and remaining at a low point for the past two weeks. Nehcap’s perspective is that there is not likely to be significant further decline for the EURUSD.

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• EUR/USD fails to cheer US Dollar’s retreat as it stays pressured around two-week low after six-day downtrend.

The pair currently trades last at 1.10500.

The previous day high was 1.1147 while the previous day low was 1.106. The daily 38.2% Fib levels comes at 1.1093, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1114, expected to provide resistance.

EUR/USD holds lower grounds near 1.1050 amid early Wednesday morning in Asia, fading the bounce off a two-week low marked late Tuesday, as markets await the all-important Federal Open Market Committee (FOMC) monetary policy meeting announcements.

That said, the Euro pair dropped in the last six consecutive days despite the previous day’s US Dollar retreat as downbeat statistics from the bloc renew recession fears and prod the European Central Bank (ECB) hawks ahead of Thursday’s ECB Interest Rate Decision.

Also read: EUR/USD slumps amid EU’s recessionary fears ahead of Fed and ECB’s decisions

Technically, a clear U-turn from the 10-month-old previous support line, now resistance around 1.1290, joins the bearish MACD signals to keep the EUR/USD sellers hopeful.

However, a slew of levels marked during April and May, around the mid 1.1000s precede the monthly tops registered in February and June, respectively near 1.1030 and 1.1010, to challenge the Euro bears of late.

Following that, a two-month-old rising support line and a convergence of the 50-DMA and 100-DMA, close to 1.0940 and 1.0900 in that order, will be crucial to watch for the EUR/USD sellers.

On the flip side, a daily closing beyond April’s peak of near 1.1100 becomes necessary for the EUR/USD bulls to retake control.

Even so, the 1.1150 and the 1.1200 round figures may prod the Euro buyers before directing them to the support-turned-resistance line of around 1.1290.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.1051 at the time of writing. Pair opened at 1.1065 and is trading with a change of -0.13% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.1037, 50 SMA 1.0898, 100 SMA @ 1.0886 and 200 SMA @ 1.0695.

The previous day high was 1.1147 while the previous day low was 1.106. The daily 38.2% Fib levels comes at 1.1093, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1114, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.1034, 1.1004, 1.0948
• Pivot resistance is noted at 1.1121, 1.1178, 1.1208

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