The EUR / USD pair, in the morning of the American session, is trading below the 21 SMA and within the downtrend channel on 4-hour charts, it is falling close to Murray's 0/8 support located at 1.1718, this zone is expected to offer a technical rebound to the pair.
The downward pressure that the euro has in addition to the strength of the US dollar UDSX, due to the ten-year Treasury yields have exceeded 1.75% and, the five-year yields are also moving higher.
On the other hand, another point that is playing against the EUR / USD, is that in the Old Continent it continues to have difficulties to immunize its citizens, while the United States advances rapidly. By April 19, approximately 90% of Americans will be able to receive a vaccine for COVID-19.
The medium-term and long-term outlook for the US Dollar remains bullish, however, we expect a recovery in the EUR / USD pair for the next few days.
As the technical indicators are showing signs of overselling, there is likely to be a rebound at the 1.1710 area.
Given that there are still no buy signals, we recommend waiting for a rebound in the 1.1710 / 17 zone of the 0/8 of Murray and the bottom of the bearish channel, in this zone it is expected to prevent the fall of the pair.
On the other hand, a pullback towards the SMA area of 21 around 1.1785 will be a good selling opportunity, since it would be a correction of the EUR / USD for the continuation of the downward movement.
Support And Resistance Levels For March 30 - 31, 2021
Resistance (1) 1.1746
Resistance (2) 1.1780
Resistance (3) 1.1804
Support (1) 1.1714
Support (2) 1.1682
Support (3) 1.1647
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Trading tip for EUR/USD for March 30 - 31, 2021
Buy if rebound 1.1710/17 (0/8 of murray) with take profit at 1.1747 and 1.1785 (SMA 21), stop loss below 1.1670.
Sell if pullback 1.1785 (SMA 21) with take profit at 1.1745 and 1.1717 (0/8), stop loss above 1.1820.
