The EUR / USD pair bounces from the yearly lows near 1.1700, in the morning of the American session it is trading above the SMA of 21 and above Murray's 0/8, these levels are offering some support to the pair.
Meanwhile, sellers maintain control of the price action, as we can notice a downtrend channel in 1-hour charts, the euro a few hours ago tried to break, but could not, if it does not exceed this level it could expose a possible decline deeper below the 1.1700 level.
Below that level, there are no relevant support levels until the lows of November 2020 in the 1.1600 area and close to that level, it is located -1/8 of Murray at 1.1596.
As long as the EUR / USD remains above the 21-day SMA, today at 1.1715, a technical rebound or correction of the bearish movement is expected, on the contrary if it trades below this level, the euro could continue to fall up to levels of 1.1655 and 1.1600 in the short term.
The key level to watch is 1.1739 / 45, because if it consolidates above this level, there could be a recovery in the EUR / USD pair with targets at the 200 EMA around 1.1820.
Support And Resistance Levels For March 31 - April 01, 2021
Resistance (1) 1.1753
Resistance (2) 1.1798
Resistance (3) 1.1816
Support (1) 1.1690
Support (2) 1.1669
Support (3) 1.1644
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Trading tip for EUR/USD for March 31 - April 01, 2021
Buy above 1.1739 (above trend line) with take profit at 1.1775 and 1.1815 (EMA 200), stop loss below 1.1717.
Sell if pullback 1.1815 (EMA 200) with take profit at 1.1750 and 1.1717 (0/8) stop loss above 1.1848.
