The EUR / USD pair, in the morning of the American session, is trading below the 21 SMA and above the 4-hour uptrend channel, we note that it still maintains the uptrend, and consolidates above the psychological level of 1.20.
On previous occasions the EUR / USD pair, had found strong resistance at the 1.1993 zone, now it has turned into a strong support that could find a good technical bounce to go and trade at the 1.2070 level again.
On the contrary, we note that if there is a break below 1.1995, and it consolidates below this level, a bearish move to the 200 EMA located at 1.1885 could occur.
The eagle indicator is showing an overbought signal and a breakout of the key 1.1990 level is very likely, for a drop to the key support of 1.1885.
The market sentiment for this morning shows that there are 65.57% of traders who are selling the EUR / USD pair, it is a sign that there could be an upward momentum to the 1.2070 level again.
Support And Resistance Levels For April 21 – 22, 2021
Resistance (1) 1.2026
Resistance (2) 1.2044
Resistance (3) 1.2071
Support (1) 1.1986
Support (2) 1.1951
Support (3) 1.1902
Trading tip for EUR/USD for April 21 – 22, 2021
Buy above 1.1995 (Trend line) with take profit at 1.2044 and 1.2071, stop loss below 1.1960.
Sell below 1.1990 (Strong support) with take profit at 1.1951 and 1.1902, stop loss above 1.2025.
The material has been provided by InstaForex Company – www.instaforex.com
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