The EUR / USD pair in the European session extending the recovery from the low of 1.1760 to 1.1798, at this time it is located below the SMA of 21 and forming an inverted pennant, if the break is confirmed, a rebound is expected in the support of 1.1740.
From a technical point of view, the trend in EUR / USD remains clearly bearish. The magnitude of the recent drop could favor some consolidation in the very short term above 1.1720 (0/8 for Murray). To the upside, the 1.1840 zone emerges as the key resistance there is the 1/8 of Murray.
In view of the fact that there is still no clear signal to buy, we expect a pullback in the Murray 1/8 zone around 1.1835 / 40, there is also the 21 SMA that acts as a dynamic resistance, this point will give us a good opportunity to sell.
On the contrary, if the downward pressure continues, a rebound is expected at the bottom support of the bearish channel located at 1.1740, this zone could give the EUR / USD an upward momentum, with targets at 1.1840.
The eagle indicator is showing a bearish signal on 4-hour charts, we still do not see an opportunity to buy, but we could take advantage of every bounce that the Euro makes in the support zone.
Market sentiment for today shows a percentage of 56.83% of traders who are buying the EUR / USD pair, this is a sign that in the short term the fall could continue to the zone of 1.1710.
Support And Resistance Levels For March 26 – 29, 2021
Resistance (1) 1.1809
Resistance (2) 1.1835
Resistance (3) 1.1876
Support (1) 1.1743
Support (2) 1.1716
Support (3) 1.1677
Trading tip for EUR/USD for March 26 – 29, 2021
Sell if pullback to 1.1835 (SMA 21) with take profit at 1.1800 and 1.1760, stop loss above 1.1880.
Buy if rebound at 1.1740 (Trend Channel), with take profit at 1.1805 and 1.1835 (SMA 21), Stop loss below 1.1710.
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.