The EUR / USD pair, in the morning of the American session, in 4-hour charts is trading above the psychological level of 1.20, above Murray’s 5/8 and above the SMA of 21, with a strong uptrend.
The pair opened the week with a bearish GAP, then in the European session, it closed completely and soared sharply after surpassing the 1.2000 level, reaching the 1.2047 level, its highest level since March 4.
The Euro is expected to remain bullish only if it consolidates above 1.1995. In the chart, we can see the strong resistance, where last week it could not break it. At this level there may be a technical rebound.
A break below 1.1995, will enter the 21 SMA area, and there could be a strong downward correction for the EUR / USD pair, until the 1.1929 support, there is the 21 SMA in 1-hour charts.
Above the exponential moving average of 200 in 4-hour charts (1.1883), the position of the EUR / USD is expected to remain positive, that is, in the medium term it will increase its price until the strong resistance of 6/8 of Murray around 1.2085.
The market sentiment report for today shows 65% of operators who are selling the pair, this is a sign that in the medium term the euro will continue its upward trend until reaching the level of 1.21.
Support And Resistance Levels For April 19 – 20, 2021
Resistance (1) 1.2043
Resistance (2) 1.2071
Resistance (3) 1.2149
Support (1) 1.2018
Support (2) 1.1998
Support (3) 1.1948
Trading tip for EUR/USD for April 19 – 20, 2021
Buy above 1.2020 (5/8 of murray) with take profit at 1.2085, stop loss below 1.1990.
Buy if rebound 1.1995 (SMA 21) with take profit at 1.2040 and 1.2085, stop loss below 1.1960.
The material has been provided by InstaForex Company – www.instaforex.com
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