09.04.202115:20 Forex Analysis & Reviews: Trading Signal for EUR/USD for April 09 - 12, 2021: Sell below 1.1901

The EUR / USD pair, before the opening of the American session, is trading, below Murray's 3/8 and below the 200 EMA, in 4-hour charts. The eagle indicator has been showing an overbought signal for two days.

The EUR / USD pair is retreating on Friday after having reached yesterday highs at 1.1927. At this time of writing it is trading at 1.1885, this continuation of the main bearish movement is due to a recovery in the USDX, which is located above the SMA 21, with a bullish signal.

On the other hand, USDX is being driven by rising Treasury yields, which bounce from lows in more than a week. The 10-year rate is at 1.67%, very close to the highs of the last two days.

The fact that the EUR / USD has not been able to sustain above the 200 EMA located at 1.1922, is a sign that in the short term the euro could revert to the 1.17 zone and reach 1.1590.

On the other hand, if it affirms well above the 200 EMA, the euro could gain more momentum, and reach the psychological level of 1.20 and 1.2145.

For the next few hours, at 1.1880, where the 21 SMA is, it is a dynamic support to take into account, if it bounces above this level, the euro will regain upward strength.

While a breakout and trade below 1.1880, the decline will occur to Murray's 2/8 located at 1.1840 and even lower to 1.1798.

Support And Resistance Levels For April 09 - 12, 2021

Resistance (1) 1.1895

Resistance (2) 1.1936

Resistance (3) 1.1991

Support (1) 1.1870

Support (2) 1.1832

Support (3) 1.1799

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Trading tip for EUR/USD for April 09 - 12, 2021

Sell below 1.1880 (SMA 21) with take profit at 1.1840 and 1.1799, stop loss above 1.1922.

Sell if pullback 1.1901 (3/8 of murray) with take profit at 1.1870 and 1.1840, stop loss above 1.1935.