In the early American session, the EUR / USD pair is trading above the 21 SMA and below the strong 6/8 Murray resistance located at 1.2085 according to the 1-hour chart.
A breakout of this zone of 1.2085 should accelerate the price action towards the next level of 1.2149 (7/8). As long as EUR / USD trades above the 200 EMA (1.1980), the price is expected to extend its climb.
Analyzing the dollar index, UDSX, we note that it has not been able to overcome Murray's 5/8 barrier at 91.40. Now we expect a double bottom or a bounce in the 90.62 area, a key level to sell the EUR / USD pair.
Given that the eagle indicator is showing a bullish signal, our recommendation is to buy if the pair makes a rebound in the 1.2023 area. Alternatively, if it approaches the 1.2085 area, we can sell since this level is a very strong resistance.
Market sentiment for today Friday shows 65% of traders who are selling the pair this is a sign that there could be an upward movement of the pair if the 1.2185 level is broken.
Support And Resistance Levels For April 23 - 26, 2021
Resistance (1) 1.2071
Resistance (2) 1.2100
Resistance (3) 1.2131
Support (1) 1.2055
Support (2) 1.2024
Support (3) 1.1991
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Trading tip for EUR/USD for April 23 - 26, 2021
Buy if rebound 1.2023 (SMA 21 and 5/8) with take profit at 1.2055 and 1.2085, stop loss below 1.1987.
Sell below 1.2085 (6/8 of murray) with take profit at 1.2023, stop loss above 1.2120.
