The EUR / USD pair in the European session extending the recovery from the low of 1.1760 to 1.1798, at this time it is located below the SMA of 21 and forming an inverted pennant, if the break is confirmed, a rebound is expected in the support of 1.1740.
From a technical point of view, the trend in EUR / USD remains clearly bearish. The magnitude of the recent drop could favor some consolidation in the very short term above 1.1720 (0/8 for Murray). To the upside, the 1.1840 zone emerges as the key resistance there is the 1/8 of Murray.
In view of the fact that there is still no clear signal to buy, we expect a pullback in the Murray 1/8 zone around 1.1835 / 40, there is also the 21 SMA that acts as a dynamic resistance, this point will give us a good opportunity to sell.
On the contrary, if the downward pressure continues, a rebound is expected at the bottom support of the bearish channel located at 1.1740, this zone could give the EUR / USD an upward momentum, with targets at 1.1840.
The eagle indicator is showing a bearish signal on 4-hour charts, we still do not see an opportunity to buy, but we could take advantage of every bounce that the Euro makes in the support zone.
Market sentiment for today shows a percentage of 56.83% of traders who are buying the EUR / USD pair, this is a sign that in the short term the fall could continue to the zone of 1.1710.
Support And Resistance Levels For March 26 - 29, 2021
Resistance (1) 1.1809
Resistance (2) 1.1835
Resistance (3) 1.1876
Support (1) 1.1743
Support (2) 1.1716
Support (3) 1.1677
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Trading tip for EUR/USD for March 26 - 29, 2021
Sell if pullback to 1.1835 (SMA 21) with take profit at 1.1800 and 1.1760, stop loss above 1.1880.
Buy if rebound at 1.1740 (Trend Channel), with take profit at 1.1805 and 1.1835 (SMA 21), Stop loss below 1.1710.
