The EUR / USD pair in 4-hour charts is trading above the SMA of 21 and below the EMA of 200, current trading price is 1.2143, we expect the upward force to continue to the 1.2187 area.
In the graph we can see that it has left a formation of a double bottom, this could be supporting the bullish force in the short term.
Since it is trading below the 200 EMA, it is likely that still the downward pressure is inherent in the market, although it could be trading within a range between 1.2060 and 1.2180, the definite break in some direction, will tell the trend that the pair will follow for the next few days.
For now, we recommend buying above the 21 SMA (1.2130) or if there is a bounce on the 3/8 Murray around 1.2085, they will be good buying points in the short term.
Market sentiment for today, January 29, shows a percentage of 60% of operators who are selling the EUR / USD pair, this could give it bullish strength in the short term to the 4/8 area around 1.2207.
Support And Resistance Levels For January 29, 2021
Resistance (1) 1.2170
Resistance (2) 1.2206
Resistance (3) 1.2221
Support (1) 1.2112
Support (2) 1.2085
Support (3) 1.2050
Trading tip for EUR/USD for January 29, 2021
Buy above 1.2130 (SMA 21) with take profit at 1.2187 and 1.2207 (4/8), stop loss below 1.2095.
Sell if pullback at 1.2187 (EMA 200) with take profit at 1.2130 and 1.2085 (3/8 of murray), stop loss above 1.2207.
