At the opening of the Asian session on 4H charts, the EUR/USD pair is trading above the SMA of 21 and right at the same level of 7/8 of Murray. This is a reversal level. A correction may take place in the next few hours towards the 6/8 Murray support.
Yesterday, the EUR/USD pair broke the 1.2185 resistance level after the press conference, reaching the highest level since February 26. The euro remains above 1.2085, a key level that previously acted as strong resistance.
The Federal Reserve kept its interest rate close to zero and the monthly asset purchase rate unchanged. In the statement, he mentioned that the economy and the labor market have strengthened. However, this was not well seen by investors and they turned to risky assets.
Jerome Powell’s speech was expected by traders since the beginning of the week, although they did not expect significant changes. The US dollar broke its support of 4/8 of Murray and at this moment it is consolidating at the weekly support of around 90.37.
On the technical level, we note that the EUR / USD has found strong resistance at 1.2146, this level is key because the 7/8 of Murray is seen as a reversal zone. We expect a technical rebound to the support 1.2085, a level that in previous days acted as resistance.
At this level of 1.2085, we recommend buying since the SMA of 21 and 6/8 of murray is located there, with targets up to 1.2046 (7/8) and up to 1.2207 zone of 8/8 of murray.
Support And Resistance Levels For April 29 – 30, 2021
Resistance (1) 1.2151
Resistance (2) 1.2182
Resistance (3) 1.2203
Support (1) 1.2073
Support (2) 1.2045
Support (3) 1.2025
Trading tip for EUR/USD for April 29 – 30, 2021
Sell below 1.2146 (7/8 of murray) with take profit at 1.2085 (SMA 21), stop loss above 1.2182.
Buy if rebound around 1.2085 (SMA 21 and 6/8 of murray), with take profit at 1.2146, stop loss 1.2050.
The material has been provided by InstaForex Company – www.instaforex.com
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