The EUR / USD pair, in the morning of the American session, in 1 hour charts is trading below the SMA of 21 and below the bearish wedge pattern, as long as it remains below 1.1980, a downward correction is expected.
The eagle indicator is showing bearish signal, it is in an overbought zone, we expect that below 1.1980, there will be a correction to the 200 EMA located at 1.1901.
The monthly resistance is located at 1.1991, this level is key if the EUR / USD pair consolidates above this, there could be a new upward momentum up to the 1.2044 zone.
The market sentiment for today shows that there are 65% of traders who are selling the EUR / USD pair, this is a sign that after having made a correction the pair will continue the upward trend until breaking the psychological level of 1.20.
Our recommendations are to sell below 1.1980, and wait for a bounce around the 200 EMA around 1.1901 for a new bullish wave.
Support And Resistance Levels For April 15 - 16, 2021
Resistance (1) 1.1994
Resistance (2) 1.2013
Resistance (3) 1.2044
Support (1) 1.1944
Support (2) 1.1926
Support (3) 1.1903
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Trading tip for EUR/USD for April 15 - 16, 2021
Sell below 1.1980 (SMA 21) with take profit at 1.1945 and 1.1901, stop loss above 1.2024.
Buy if rebound 1.1901 (EMA 200) with take profit at 1.1950 and 1.1990, stop loss below 1.1870.
