The EUR / USD pair, in 4-hour charts, is trading with a strong uptrend, above the 21 SMA and below the 200 EMA.
The strong recovery in EUR / USD is going to test the key exponential moving average of 200, in the region of 1.1920 / 25.
Above the exponential moving average of 200 (1.1920), the outlook for EUR / USD is expected to turn positive, aiming for the target of the 1.20 psychological level.
Our outlook of the advance of the Euro exceeded our expectations, as EUR / USD rose to 1.1897. For today, we note according to the eagle indicator that the pair is in the overbought zone, although it is unlikely that there will be a sustained increase above 1.1920, as there is strong resistance in this zone.
On the other hand, in the 2/8 of Murray around 1.1840 the key support is located, which can give the EUR / USD upward momentum, this would be considered as a correction, since for now the bullish force is prevailing.
Our recommendation is to sell below the 200 EMA, around 1.1920, with targets at the 2/8 support of Murray 1.1840, the eagle indicator is showing an overbought signal, and it is imminent that in the next few hours there will be a downward correction.
Support And Resistance Levels For April 07 – 08, 2021
Resistance (1) 1.1901
Resistance (2) 1.1930
Resistance (3) 1.1984
Support (1) 1.1840
Support (2) 1.1819
Support (3) 1.1799
Trading tip for EUR/USD for April 07 – 08, 2021
Sell below if pullback 1.1920 (EMA 200) with take profit at 1.1840 (2/8), stop loss above 1.1955.
Sell below 1.1901 (3/8 of murray) with take profit at 1.1840 (2/8), stop loss above 1.1935.
Buy if rebound 1.1840 (2/8 of murray) with take profit at 1.1901 and 1.1925, stop loss below 1.1803.
The material has been provided by InstaForex Company – www.instaforex.com
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