The EUR / USD pair before the opening of the American session is trading, close to Murray’s 4/8, below 1.1962 and above the 200 EMA located at 1.1901, the pair continues to point higher and closer to the monthly resistance zone of 1.1990.
The recovery from the lows near 1.1716 (Murray 0/8) on March 31 remains strong for now. The recent break above the 200-day SMA at 1.1895, gave the rally additional momentum and paves the way to reach the psychological 1.20 level in the short term.
Above the 200-day SMA, today at 1.1895, the position of the EUR / USD is expected to continue to be bullish, however, the eagle indicator is showing an overbought signal, and before new highs there should be a significant correction to the 1.1840 support approximately in the next few days.
In view that the pair has a resistance in the 4/8 of Murray around 1.1962, it is expected that there will be a downward correction until the support of the EMA of 200, at this level it can be bought again since it is also located there 3 / 8 Murray and the 4-hour uptrend channel.
Below the critical 1.1901 level, we expect the technical correction to continue to the 1.1840 support. Key level that can give you a good bullish bounce, as this will be a good opportunity for the bulls to regain strength in the market.
Support And Resistance Levels For April 14 – 15, 2021
Resistance (1) 1.1990
Resistance (2) 1.2003
Resistance (3) 1.2044
Support (1) 1.1924
Support (2) 1.1897
Support (3) 1.1867
Trading tip for EUR/USD for April 14 – 15, 2021
Sell below 1.1962 (4/8 of murray) with take profit at 1.1901 and 1.1840, stop loss above 1.1995.
Buy if rebound 1.1905 (EMA 200) with take profit at 1.1962 and 1.1992, stop loss below 1.1870.
The material has been provided by InstaForex Company – www.instaforex.com
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