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After opening of the American session, the EUR / USD pair is trading below the SMA of 21 and below the strong resistance of 8/8 of murray located at 1.2207. The markets are waiting for the publication of the inflation figures in the US for May and a weekly update on unemployment applications.
These data can generate volatile movements to the EUR / USD pair. Therefore, we must wait for the data to be published to buy or sell according to the result of the data.
In the 4-hour chart of the EUR / USD pair, we can see that the Euro is moving within a downtrend channel. Hence, any attempt to break the 1.2207 resistance zone and to fail to consolidate above the 8/8 key level, it will be a good opportunity to sell.
The 200 EMA zone is now acting as a very strong support that could give EUR / USD a good technical rebound. As long as it remains in this zone, we recommend buying with targets at the top of the bearish channel.
In case of a break and consolidation below 1.2146, the Euro is expected to make a bearish move to the 1.2090 zone. This is the bottom of the bearish channel, so the price could fall to the psychological level of 1.20.
The market sentiment report shows that there are 65.57% of operators who are selling the EUR / USD pair. This is a sign that the Euro could continue to trade within a price range of 1.22 to 1.21 in the short term, since even the bullish force is prevailing.
Our recommendation is to buy at the support of the 200 EMA and sell below the 8/8 of murray with the targets indicated in the chart above.
Support and Resistance Levels for June 10 – 11, 2021
Resistance (3) 1.2253
Resistance (2) 1.2235
Resistance (1) 1.2204
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Support (1) 1.2157
Support (2) 1.2137
Support (3) 1.2106
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Trading tip for EUR/USD for June 10 - 11, 2021
Sell if pullback 1.2190 (8/8), with take profit at 1.2146 (EMA 200), stop loss above 1.2217.
Buy if rebound 1.2143, (EMA 200), with take profit at 1.2207, stop loss below 1.2110.
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