The EUR / USD at the opening of the American session is trading above the SMA of 21, (1.2010) only if it consolidates above this level we expect it to remain with an uptrend until the EMA of 200 days.
We can also observe the formation of a technical pattern called a pennant if the pair breaks the zone of the maximum of last week, above 1.2040 we could expect a new upward momentum to the zone of 1.2085 and 1.2207 level of the 4/8 of Murray in the short term.
Conversely, a break below the 1.2000 psychological level could be a good selling opportunity with targets at 1.1962 (Murray 2/8).
Our recommendation for today is to continue buying at current price levels with targets in the 1.2207 zone, in the medium term. The eagle indicator is showing a bullish signal.
Support And Resistance Levels For February 08 – 09, 2021
Resistance (1) 1.2080
Resistance (2) 1.2113
Resistance (3) 1.2138
Support (1) 1.2009
Support (2) 1.1982
Support (3) 1.1953
Trading tip for EUR/USD for February 08 – 09, 2021
Buy above 1.2010 (SMA 21) with take profit at 1.2085 and 1.2140 (EMA200), stop loss below 1.1970.
Sell if breaks at 1.2000 (SMA 21) with take profit at 1.1962 , stop loss above 1.2030.
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.