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In the American pre-market, the EUR / USD pair is trading above the strong resistance of 8/8 of murray and above the SMA of 21, with a strong uptrend in 4-hours charts.
The 1.2207 level is the key. Given that the price is now above this level, the euro is likely to reach the +1/8 murray zone located at 1.2268.
The Dollar index, USDX, is trading below its psychological level of 90.00. Currently, the index is trading at near 89.67 with support at 89.42. It is likely to give the Euro bullish strength until EUR/USD reaches the 1.2268 area.
If the recent level of 1.2263 is surpassed, this should open the door to a probable visit to this year's peaks around 1.2350, although there should be a technical correction first.
EUR / USD uptrend is expected to remain intact as long as the pair trades above the 200-day exponential moving average, today at 1.2025.
However, the eagle technical indicator shows that it is approaching the overbought level, which could be indicative of a bearish divergence and thus a prelude to a corrective move in the near term.
The market sentiment index shows that there are 68.3% of operators are selling the pair. This is a sign of a strong upward trend for the Euro. So, every time there is a downward correction towards the support zone, we could continue buying. If this figure is maintained in the next few days, EUR / USD could challenge the 1.23 area.
Our recommendation is to wait for the resistance of 1.2230 to be able to sell. Given that the pair is overbought, a downward correction is imminent in the next few hours.
Support and Resistance Levels for May 18 - 19, 2021
Resistance (3) 1.2262
Resistance (2) 1.2255
Resistance (1) 1.2230
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Support (1) 1.2207
Support (2) 1.2170
Support (3) 1.2147
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Trading tip for EUR/USD for May 18 - 19, 2021
Sell below 1.2230 (strong resistance), with take profit at 1.2170 and 1.2125 (SMA 21), stop loss above 1.2265.
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