The EUR / USD pair, prior to the release of the non-farm payroll on the 4-hour charts, is trading above the 21 SMA and below the downtrend channel, after having tried to break this channel without success.
The US dollar, USDX, is taking a hit after Treasury bond yields fell when President Joe Biden unveiled his massive $ 2.25 trillion infrastructure spending plan.
A decline in bond yield is seen, which may affect the US Dollar in the short term, this could give EUR / USD a respite from the bearish pressure and bounce to the resistance zone of the 200 EMA located at 1.1962.
For this, the pair must break the 4-hour downtrend channel sharply and consolidate above this, its first target is 1/8 of Murray at 1.1840.
On the contrary, a technical rebound from the 21 SMA around 1.1740 could be an opportunity to buy, given that the pair is above this moving average, the outlook is bullish in the face of a recovery in the short term.
The eagle indicator is showing a slight bullish signal, only the break of 1.1785, could trigger the firm signal to the upside, and it will be an opportunity for the EUR / USD to seek the 1.1962 zone in the medium term.
Support And Resistance Levels For April 02 – 05, 2021
Resistance (1) 1.1793
Resistance (2) 1.1821
Resistance (3) 1.1847
Support (1) 1.1730
Support (2) 1.1719
Support (3) 1.1687
Trading tip for EUR/USD for April 02 – 05, 2021
Buy above 1.1785 (Top bearish channel) with take profit at 1.1840(1/8 of murray), stop loss below 1.1745.
Buy if rebound 1.1740 (SMA of 21) with take profit at 1.1840, stop loss below 1.1710 (0/8 of murray).
The material has been provided by InstaForex Company – www.instaforex.com
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