The EURUSD currency pair is still in a positive position, trading at its highest level in 12 days at a rate of 1.09334. However, analyst Nehcap believes that there is a possibility of the currency pair experiencing a decrease in value in the future.

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• EUR/USD remains on the front foot at the highest level in 12 days.

The pair currently trades last at 1.09334.

The previous day high was 1.0946 while the previous day low was 1.0855. The daily 38.2% Fib levels comes at 1.0911, expected to provide support. Similarly, the daily 61.8% fib level is at 1.089, expected to provide support.

EUR/USD bulls prod the 100-DMA hurdle while printing the mild gains around a two-week high during early Thursday. In doing so, the Euro pair cheers the broadly downbeat US Dollar amid the dovish Fed bias ahead of the key inflation numbers from the Eurozone and the US. That said, the Euro pair renews its intraday high around 1.0932 by the press time.

Also read: EUR/USD edges higher past 1.0900 as Eurozone, inflation data eyed to confirm Fed, ECB moves

The strongest bullish MACD signal in six weeks joins the aforementioned fundamental catalysts to allow the Euro pair to cross the 100-DMA hurdle surrounding 1.0930 and aim for the 50-DMA resistance of 1.0972. However, the 1.1000 psychological magnet and June high of 1.1012 could challenge the EUR/USD bulls afterward.

In a case where the major currency pair remains firmer past 1.1012, the odds of witnessing another battle with the 1.1100 threshold, previously witnessed in April and May, can’t be ruled out.

Alternatively, a downside break of the previous resistance line stretched from July 18, now immediate support around 1.0880, can recall the EUR/USD sellers.

However, the 200-DMA and an upward-sloping support line from early January, respectively near 1.0815 and 1.0730 will be crucial challenges for the pair bears to conquer afterwards.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0931 at the time of writing. Pair opened at 1.0924 and is trading with a change of 0.06% % .

The pair is trading above its 20 Daily moving average @ 1.0904, below its 50 Daily moving average @ 1.0973 , above its 100 Daily moving average @ 1.0926 and above its 200 Daily moving average @ 1.0812

The previous day high was 1.0946 while the previous day low was 1.0855. The daily 38.2% Fib levels comes at 1.0911, expected to provide support. Similarly, the daily 61.8% fib level is at 1.089, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0871, 1.0818, 1.078
• Pivot resistance is noted at 1.0961, 1.0998, 1.1051

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