The EUR / USD pair reaches new lows of 2021 in the zone of 1.1790 and continues trading under downward pressure. In the early American session, it is trading below the SMA of 21 and below 1/8 of Murray. Further down, minor support is seen around 1.1766.
The Euro has strong support in the 1.18 area, a level that could give it a technical rebound, however, it should consolidate above 1.1825, there is the 21 SMA in the 4-hour chart.
We can also notice the formation of a bullish wedge, in 1 hour charts, a definitive break and consolidation above this area, will open the opportunity to buy with targets at 1.1840, and 1.1895.
A consolidation below 1.1800 could accelerate the decline to 1.1766 support, there is a weekly support, which would be your next target for EUR / USD.
As long as the EUR / USD remains below the 200 SMA, located at 1.1895, the medium-term stance is expected to remain negative, for now we can expect a technical bounce above 1.18 pointing towards this level of the 200 EMA.
Support And Resistance Levels For March 25 – 26, 2021
Resistance (1) 1.1839
Resistance (2) 1.1866
Resistance (3) 1.1882
Support (1) 1.1792
Support (2) 1.1780
Support (3) 1.1753
Trading tip for EUR/USD for March 25 – 26, 2021
Buy above 1.1825 (SMA 21 and wedge) with take profit at 1.1843 (1/8), and 1.1890 (EMA 200) stop loss below 1.1790.
Sell below 1.1800 (Strong Support), take profit at 1.1766, stop loss above 1.1835.
The material has been provided by InstaForex Company – www.instaforex.com
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