The EUR / USD pair, in the morning of the American session, is trading below the SMA of 21, has left a double bottom in 4-hour charts, now facing the 1.1800 zone, as an immediate target.
As long as it remains below the 200 day EMA located at 1.20 the bias remains bearish in the medium term. The outlook now points to a further decline at least in the medium term. Drilling through these yearly lows of 1.1760, we expect Murray’s 0/8 around 1.1718.
Conversely, a breakout and consolidation above the 21 SMA will give us an opportunity to buy with targets at the resistance of 1/8 of Murray located at 1.1840.
At the 1.1840 area around that level, there is the downtrend channel, if this channel is broken, there could be a strong upward momentum to the 1.1962 area, level of 2/8 of Murray and strong resistance.
Our recommendation is to wait and buy above 1.1800, with immediate targets at 1.1840.
We must be very careful when the pair trades below 1.18, as the pressure can take it up to the 1.1718 support.
The eagle indicator on 4-hour charts is showing a neutral signal, we must wait for a break above 1.18 to confirm the bullish signal.
Support And Resistance Levels For March 29 – 30, 2021
Resistance (1) 1.1808
Resistance (2) 1.1824
Resistance (3) 1.1845
Support (1) 1.1770
Support (2) 1.1751
Support (3) 1.1734
Trading tip for EUR/USD for March 29 – 30, 2021
Buy above 1.1800 (SMA 21) with take profit at 1.1840 (1/8 of murray), stop loss below 1.1765.
Buy if breaks 1.1840 (Top bearish channel) with take profit at 1.1900 and 1.1962 (2/8), stop loss below 1.1800.
The material has been provided by InstaForex Company – www.instaforex.com
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