The EUR / USD pair, on 4-hours charts, is trading above the 21 SMA and almost around the 200 EMA, having broken the symmetrical triangle to the upside.
Expectations of higher inflation in the United States were somewhat cooled by comments from Fed Chief Jerome Powell last week, which in turn resulted in lower yields on US Treasuries, and this weakened to the USDX, which the Euro was favored.
The 4-hour chart shows that the pair is struggling with the 200 exponential moving average, around 1.1901. The eagle indicator is showing an overbought signal and with a probability of a downward correction in the next few hours.
In case of sustainably leaving behind the 200 moving average, today close to 1.1901, the possibility of greater gains in the short term would be enabled, with the immediate objective in the 1.1962 zone, where 4/8 of Murray is located.
As long as the pair remains below the 200 EMA, the outlook should favor the bears and there could be a bearish move towards the zone of 1.1817, there it converges into a slight uptrend channel. If this zone is pierced, a drop is expected to the support zone of 0/8 Murray around 1.1716.
The market sentiment report shows that there is 59.51% of operators who are selling the EUR / USD pair, this is a sign that in the short term the euro could continue its upward movement to the 1.1960 and 1.1990 zone.
Support And Resistance Levels For April 12 - 13, 2021
Resistance (1) 1.1924
Resistance (2) 1.1948
Resistance (3) 1.1977
Support (1) 1.1871
Support (2) 1.1854
Support (3) 1.1820
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Trading tip for EUR/USD for April 12 - 13, 2021
Buy above 1.1890 (EMA 200), with take profit at 1.1962 (4/8 of murray), stop loss below 1.1865.
Sell below 1.1875 (SMA 21) with take profit at 1.1840 and 1.1811, stop loss above 1.1918.
