The EUR / USD pair this morning of the American session is trading above the 1.2140 support, forming a descending triangle on 1 hour charts, and below the 21 SMA and 200 EMA, applying bearish force to the pair.
If the EUR / USD does not break below the 1.2130 area (strong support in 1 hour) in the short term, then the pair could see its upward pressure restored and should trade above 1.2175 zone of SMA 21.
If the selling sentiment stretches, the pair could retreat and test the weekly low at 1.2085, Murray's 3/8 area, the eagle indicator is showing the same pattern of the descending triangle, if its signal breaks, it could support the bearish outlook.
In addition, in the 1-hour chart the pair is trading below the 21 SMA, this supports the downward pressure, so we recommend avoiding buying, what you should do is sell below the 21 moving average.
The market sentiment report for today, January 14, shows 52% of operators who are selling the EUR / USD pair, which means that in the medium term, the pair could fall to levels of 1.2050. approximately.
Support And Resistance Levels For January 14-15, 2021
Resistance (1) 1.2171
Resistance (2) 1.2204
Resistance (3) 1.2253
Support (1) 1.2123
Support (2) 1.2088
Support (3) 1.2038
Trading tip for EUR/USD for January 14-15, 2021
Sell below Support at at 1.2135, with take profit at 1.2185 and 1.2060, stop loss above 1.2175.
Buy above 1.2175 ( SMA 21), with take profit at 1.2207 and 1.2240, Stop loss below 1.2130.
