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In the early American session before the publication of the NFPs, the EUR / USD pair is consolidating in 1-hour charts above the EMA of 200 and the SMA of 21,. This level is the key as EUR is expected to continue gains above it.
Yesterday in our analysis, we noted the bullish outlook for EUR / USD, with a strong barrier at the 1.2085 resistance. If this barrier is broken, there could be a strong rise to the 7/8 Murray reversal zone. It is likely that from this level the price may fall because the last time the pair reached this zone the euro fell to the support of the psychological level of 1.20.
The technical reading of the eagle indicator shows that the EUR / USD pair is showing an overbought signal, the indicator signal is at 95. It is imminent that in the next few days there will be a downward correction to levels of 10.
Our recommendation for today Friday is to buy EUR / USD at current price levels around 1.2062 with targets at 1.2146 (7/8). Alternatively, if it consolidates below 1.2050, we can sell up to 1.20 and 1.1963.
The data from the NFPs will define the market, but remember that whatever direction the market takes, then the pair will correct to the initial point before publication which will be an opportunity to buy or sell according to the result.
The market sentiment report for today weekend shows that there are 63.34% traders who are selling the pair. This is a sign that the Euro still has bullish strength and there could be an attempt to break the 1.2146 zone and up to 1.2205.
Support And Resistance Levels For May 07 - 10, 2021
Resistance (1) 1.2094
Resistance (2) 1.2122
Resistance (3) 1.2173
Support (1) 1.2040
Support (2) 1.2015
Support (3) 1.1999
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Trading tip for EUR/USD for May 10 - 11, 2021
Buy above 1.2062 (EMA 200) with take profit ate 1.2046 (7/8) stop loss below 1.2027
Sell if pullback 1.2146 (7/8 of murray and zone of reversion) with take profit at 1.2116 and 1.2085(6/8), stop loss above 1.2181.
Sell below 1.2050 (EMA 200) with take profit at 1.2023 and 1.1963 (4/8), stop loss above 1.2085.
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