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The EUR / USD pair is under downward pressure, now it faces the support of 2/8 of murray, a key level of strong support, this zone of 1.1962, will give it a new upward momentum or a technical rebound, as the eagle indicator is in zone and oversold.

The EUR / USD pair is trading within a downtrend channel, we wait for the 1.1962 level to enter purchases as this is the key support for now, therefore we recommend that you wait to buy in the short term.

The market sentiment report shows a figure of 52.25% of traders that are selling the pair, this is a sign that a technical rebound could occur in the 1.1962 support zone.

Support And Resistance Levels For February 04 – 05, 2021

Resistance (1) 1.2000

Resistance (2) 1.2028

Resistance (3) 1.2053

Support (1) 1.1961

Support (2) 1.1943

Support (3) 1.1883

Trading tip for EUR/USD for February 04 – 05, 2021

Buy above 1.1962 (2/8 Murray) with take profit at 1.2085 (3/8), stop loss below 1.1930.

Sell if pullback to 1.2085 (3/8) with take profit at 1.2030 and 1.1962, stop loss above 1.2120.

The material has been provided by InstaForex Company – www.instaforex.com

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