The EUR / USD pair, registered today a new low at 1.1810, since the demand for the US currency persists, at this moment it is rebounding, but we still do not see a buying signal, it should break at the SMA of 21 in 1 hour charts located at 1.1840.
For today in the American session, the head of the Federal Reserve of the United States, Jerome Powell, will reiterate his testimony about the CARES Act to the Senate Banking Committee, volatility is expected in the US dollar.
In the 4-hour chart we can see that the EUR / USD is trading within a downtrend channel, below the SMA of 21, the resistance that is now facing 1/8 Murray located at 1.1840, this level is key , a break or a consolidation above this, will be a buy signal.
The eagle indicator is in the neutral zone, showing a sign of a possible bearish continuation, in view of this it is better to wait for the euro to return to trade above 1.1840 for a new buying opportunity.
If the EUR / USD makes a pullback towards the top of the bearish channel located at 1.1885, it will be a good opportunity to sell, because the SMA of 21 is located there, and it acts as resistance, with targets at 1.1830.
The last candle in the 4-hour charts has formed a Pin Bar candle, which is a sign that the supply is ending and the demand for the EUR / USD could give a bullish impulse to the pair, for this it should remain above the minimum of 1.1810.
Support And Resistance Levels For March 24 – 25, 2021
Resistance (1) 1.1877
Resistance (2) 1.1912
Resistance (3) 1.1955
Support (1) 1.1814
Support (2) 1.1790
Support (3) 1.1766
Trading tip for EUR/USD for March 24 – 25, 2021
Buy above 1.1840 (SMA 21 and 1/8 murray ), with take profit at 1.1883 , stop loss below 1.1810.
Sell if pullback at 1.1885 (Top bearish channel), with take profit at 1.1850 and 1.1810, Stop loss above 1.1920.
The material has been provided by InstaForex Company – www.instaforex.com
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