The EUR / USD pair in the morning of the American session aims to regain some strength, as the USDX dollar index is trading above the 21 EMA in 4-hour charts with an uptrend, on the other hand, the yields of US Treasuries remain near their recent year highs, providing support for the US currency.
Later in the afternoon in the United States, President Joe Biden will offer a speech on the implementation of the American Rescue Plan, this data could give more bullish strength to the dollar.
The EUR / USD pair on the 4-hour chart is below the SMA of 21 and below the EMA of 200 and below the 2/8 of Murray, all this indicates that the EUR / USD, is low bearish pressure, and you risk further falling.
The eagle indicator is giving a bearish signal, reflecting increased selling interest. A steeper decline is expected on a break below 1.1885, the 61.8% retracement of its November / January rally.
Our recommendation is to sell below the 21 SMA and below Murray's 2/8, targeting Murray's 1/8 around 1.1840.
Market sentiment for today shows 54.14% of traders who are selling the EUR / USD pair, this is a sign that a downward movement could occur to levels of 1.18 in the short term.
Support And Resistance Levels For March 15 - 16, 2021
Resistance (1) 1.1960
Resistance (2) 1.2014
Resistance (3) 1.2088
Support (1) 1.1860
Support (2) 1.1798
Support (3) 1.1770
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Trading tip for EUR/USD for March 15 - 16, 2021
Sell below 1.1930 (SMA 21) with take profit at 1.1885 and 1.1840 (1/8), Stop loss above 1.1965
Buy above 1.1962 (2/8 of murray) with take profit at 1.2070, stop loss below 1.1925.
