The EUR / USD pair, in 4-hour charts, is trading below the 200 EMA and above the 21 SMA. however, we note that the eagle indicator is in the overbought zone and is imminent in the next few hours there is a downward correction.
The pair’s rebound from lows of 1.1700 seen towards the end of last month comes in response to the decline in yield rates in the US bond market, particularly in the benchmark 10-year bond rates.
EUR / USD has encountered difficulty below the 200 EMA and the 3/8 of Murray, both act as strong resistance. We expect it to consolidate below that level.
Support is located at the 21 SMA zone around 1.1830, below that level it can alleviate the immediate bullish bias for a drop back to 1.1780 and 1.1745. A drop below 1.1700 is necessary, though, for a long-term bearish move.
Because the pair does not have as much bullish strength, a consolidation is expected above the SMA of 21, and below the EMA of 200, within this range it is expected that the next movement of the EUR / USD pair will be, for this day and until the weekend.
Support And Resistance Levels For April 08 – 09, 2021
Resistance (1) 1.1897
Resistance (2) 1.1932
Resistance (3) 1.1951
Support (1) 1.1847
Support (2) 1.1824
Support (3) 1.1789
Trading tip for EUR/USD for April 08 – 09, 2021
Sell below 1.1901 (3/8 of murray) with take profit at 1.1830, stop loss above 1.1936.
Sell if pullback 1.1920 (EMA 200) with take profit at 1.1830, stop loss above 1.1955.
Buy if rebound 1.1830 (SMA 21) with take profit at 1.1901, stop loss below 1.179
The material has been provided by InstaForex Company – www.instaforex.com
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