The EUR / USD pair in the morning of the American session on 4-hour charts is trading above the 21 SMA within the formation of a symmetrical triangle, and within the downtrend channel.
The pair has held above Murray's 1.1717 0/0 as US yields recede from their highs. The resulting drop in yields weighs on the dollar and this could give the EUR / USD some breathing space.
The Non-Farm Payroll (NFP) report will be released on Friday. Economists forecast a substantial boost to employment, reflecting an acceleration. The combination of optimistic data and low liquidity could be explosive for the dollar.
Meanwhile the EUR / USD is trying to break out of this bearish pressure, we expect a break of the symmetrical triangle and a consolidation above it, with targets at the top of the 4 hour bearish channel.
If it does not manage to break the symmetrical triangle, a retracement towards the 1.1720 support could occur, this level can give it a good technical bounce, so in this area we can buy waiting for a bullish momentum to 1.1805 and higher to 1.1840.
The eagle indicator is giving a bullish signal, there is likely to be upward momentum for this we should see a sharp break above 1.1750.
Support And Resistance Levels For April 01 - 02, 2021
Resistance (1) 1.1785
Resistance (2) 1.1811
Resistance (3) 1.1832
Support (1) 1.1729
Support (2) 1.1700
Support (3) 1.1673
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Trading tip for EUR/USD for April 01 - 02, 2021
Buy above 1.1750 (SMA 21 and symmetrical triangle) with take profit at 1.1785 and 1.1811, stop loss below 1.1710.
Buy if rebound 1.1720 (0/8 of murray) with take profit at 1.1785 and 1.1811, stop loss below 1.1685.
