The EUR / USD pair, in the American session on 4-hour charts, is trading above the SMA of 21 and below the 1/8 of Murray located at 1.1840, maintaining a slight bullish bias.
Despite the rebound seen at the beginning of the week, it appears that the bearish force is still in control of the price action, leaving the pair vulnerable to another bearish move in the near term.
However, a convincing breakout of 1.1840 (1/8) could see gains accelerate to 1.1934, the relevant 200 EMA zone.
As long as it is below the 200 EMA (1.1934), the short-term stance for the EUR / USD is expected to remain negative, and this bullish move is seen as a correction for a new bearish wave.
On the other hand, the US dollar, USDX, is falling below the important support at 92.68, which is a sign of a bearish move, which could give the EUR / USD strong bullish momentum.
Therefore we recommend buying EUR / USD at current price levels with targets at 1.1840 and 1.1860, the latter being a strong resistance.
On the contrary, a technical bounce at the 21 SMA may give us a good chance to buy, around 1.1780.
Support And Resistance Levels For April 06 – 07, 2021
Resistance (1) 1.1841
Resistance (2) 1.1870
Resistance (3) 1.1890
Support (1) 1.1799
Support (2) 1.1788
Support (3) 1.1758
Trading tip for EUR/USD for April 06 – 07, 2021
Buy above 1.1815, with take profit at 1.1840 and 1.1860, stop loss below 1.1780.
Buy if rebound 1.1780 (SMA 21) with take profit at 1.1840 and 1.1860, stop loss below 1.1745.
Sell if pullback 1.1860, (Strong Resistance), with take profit at 1.1840 and 1.1800, stop loss above 1.1895.
The material has been provided by InstaForex Company – www.instaforex.com
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