The EUR / USD this morning of the American session is trading, under downward pressure, below the SMA of 21 and below the 2/8 of Murray. The pair could not hold above 1.1900 and fell to 1.1871, just above the bullish trend channel, which for days has been containing the losses.
From a technical point of view, the firm break at 1.1870 would give it further downward pressure, taking it to the zone of March lows, near 1.1830 / 40.
On the contrary, above the SMA of 21 located at 1.1920, the euro could find a respite, and it would give a new bullish impulse, until the 2/8 of Murray and until the strong resistance of 1.2005 psychological level.
The key to watch is the level of 1.1870, above there is hope of recovery of the EUR / USD, due to the bullish channel in a 4-hour chart, and above 1.1920, there would be a change of scenery.
Traders will be attentive to statements by Jerome Powell, Chairman of the Federal Reserve and Janet Yellen, Secretary of the Treasury, who will testify before a committee of the House of Representatives. Regarding data, what is noteworthy is the publication of the US report of current account, sale of new homes and that of the Richmond Fed.
Support And Resistance Levels For March 23 - 24, 2021
Resistance (1) 1.1911
Resistance (2) 1.1935
Resistance (3) 1.161
Support (1) 1.1845
Support (2) 1.1816
Support (3) 1.1798
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Trading tip for EUR/USD for March 23 - 24, 2021
Buy above 1.1890 (Strong support) with take profit at 1.1925 and 1.1962 (2/8), stop loss below 1.1860.
Sell below 1.1870, with take profit at 1.1840 (low monthly), stop loss above 1.1905.
