The EUR / USD pair, this morning of the American session, is trading above the 1/8 of Murray, a key support level, located at 1.1840. In 1-hour chart, it is trading above the SMA of 21, and in 4-hour charts the pair is below the 21 SMA.
Today Tuesday we see a technical rebound, as we had explained in our analysis yesterday, because the eagle indicator was in the oversold zone, now we see a respite from the Euro, and it remains above 1.19 for now.
In the bond market, Treasury yields are falling, the 10-year rate fell to 1.53%, the lowest level since March 4. This enabled a downward correction of the US dollar and could give a respite to the Euro and other currency pairs with the US dollar in the short term.
In the 4-hour chart, we see the Euro is trading above 1.1840 that is a strong support level that coincides with Murray's 1/8, and has resistance at 1.1827. There is the 21 SMA which is likely to be resistance at that level, given that the market is under downward pressure.
If EUR / USD breaks and trades above 1.1927, its next resistance will be the top of the downtrend channel at the 1.20 zone, as its next target.
Alternatively, if it fails to break above 1.1927, it will be a good opportunity to sell, targeting the 1/8 Murray support around 1.1840.
Support And Resistance Levels For March 09 - 10, 2021
Resistance (1) 1.1935
Resistance (2) 1.1970
Resistance (3) 1.1990
Support (1) 1.1829
Support (2) 1.1798
Support (3) 1.1750
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Trading tip for EUR/USD for March 09 - 10 , 2021
Buy above 1.1927 (SMA 21) with take profit at 1.2000, stop loss below 1.1890.
Sell if pullback or below 1.1927 (SMA 21) with take profit at 1.1885 and 1.1840, stop loss above 1.1975.
