empty
 
 
05.03.2021 03:10 PM
Trading Signal for EUR/USD for March 05 - 08, 2021: Key level 1.1901

This image is no longer relevant

Yesterday after Jerome Powell's speech, EUR / USD has fallen sharply towards the support levels of 1.1962 and is now above Murray's -1/8 located at 1.1901, this level is a strong support, which could give it a technical rebound to the Euro.

The fall of the EUR / USD is based on the strength of the dollar, whose USDX index has just risen to 92.01, its highest level since last December 1 also the yields of US 10-year bonds have reached 1.58% today, its highest level in a year, which has added more bullish strength to the US Dollar.

The relevant data in 1 hour will be the US NFP employment data for the month of February, the result of which is expected in 182,000 new jobs created. A disappointment or a higher than expected figure could move the dollar strongly.

On a technical level, EUR / USD, on the 4-hour charts, is trading within a downtrend channel below the 21 SMA and below the 200 EMA, and above Murray's -1/8 support located at 1.1901.

We wait for the US data which will signal the next movement of the pair, if the Euro makes a rebound at 1.1901, it will be a good point to buy with targets at 1.1962 (Murray 0/8) and higher in the SMA of 21 at 1.2023.

Our recommendation is to wait for a bounce at 1.1901, and buy the EUR / USD; since the eagle indicator is in the oversold zone and a technical rebound is imminent in the next few hours.

Support And Resistance Levels For March 05 - 08, 2021

Resistance (1) 1.1996

Resistance (2) 1.2031

Resistance (3) 1.2088

Support (1) 1.1891

Support (2) 1.1827

Support (3) 1.1798

**********************************************************

Trading tip for EUR/USD for March 05 - 08, 2021

Buy if rebound at 1.1901 (-1/8 of murray and strong support) with take profit at 1.1962 and 1.2023, stop loss below 1.1865.

Sell if pullback at 1.2023 (SMA 21) with take profit at 1.1962 and 1.1910, stop loss above 1.2055.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback