In a few hours the non-farm payroll, the monthly report of the United States for January, will be published. The country is expected to have added 50,000 new jobs in January, after losing 140,000 in December. The Unemployment Rate is expected to remain stable at 6.7%. The Labor Participation Rate stood at 61.5% in December.
The EUR/USD pair fell from the psychological level of 1.2000, falling to a new low of 1.1953. The pair remains under bearish pressure for the fourth day in a row, as investors continue to buy the dollar in hopes of a new US stimulus package.
The US dollar is strengthening due to the performance of the Treasury Bonds is a sign of a better mood on the part of investors.
At a technical level, we expect the EUR/USD pair to find a bottom in the zone of 1.1962/ 1.1930, a level that coincides with the 2/8 of murray and the third weekly support, also the eagle indicator is showing an oversold signal and an imminent rebound in the short term.
Our recommendation is to buy above the level of 1.1930, if the pair breaks again the key zone of the psychological level of 1.2000, it will be a good opportunity to buy with targets in the 3/8 of murray until 1.2085.
Support And Resistance Levels For February 05 – 08, 2021
Resistance (1) 1.1986
Resistance (2) 1.2015
Resistance (3) 1.2068
Support (1) 1.1930
Support (2) 1.1900
Support (3) 1.1883
Trading tip for EUR/USD for February 05 – 08, 2021
Buy above 1.1930 (Strong Support) with take profit at 1.2000 and 1.2085, stop loss below 1.1900.
Buy if breaks at 1.2000 (SMA 21) with take profit at 1.2040 and 1.2085 , stop loss below 1.1962 (2/8).
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.