The EUR / USD pair at the opening of the American session in 1 hour charts is trading below the SMA of 21 and below the EMA of 200, under downward pressure. The eagle indicator is reaching the overbought zone.
Ten-year US bond yields have stabilized around 1.40% after several days of strong volatility. The central reserve bank sees rising US debt yields as a positive sign that it will continue to support the dollar.
Given that the dollar will continue to maintain its strength in the medium term, it is likely that there will be downward pressure on the euro-dollar until the 1.1952 area.
Therefore, our recommendation is to sell below the 21 SMA in 1 hour charts, if there is a pullback towards the 200 EMA located at 1.2120, it will be a good opportunity to sell.
The market sentiment report for today shows 53.7% of operators who are selling the EUR / USD pair, this is a sign that the euro could consolidate in the 1.1952 zone.
Support And Resistance Levels For March 03 - 04, 2021
Resistance (1) 1.2125
Resistance (2) 1.2129
Resistance (3) 1.2188
Support (1) 1.2008
Support (2) 1.1954
Support (3) 1.1914
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Trading tip for EUR/USD for March 03 - 04, 2021
Sell if pullback at 1.2120 (EMA 200) with take profit at 1.2085 and 1.2020, stop loss above 1.2155.
Sell below 1.2085 (2/8 of murray) with take profit at 1.2020 and 1.1965, stop loss above 1.2123.
