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The EUR / USD pair, before the opening of the Asian session is trading above the 200 EMA and close to the 3/8 of Murray, around 1.2146, this is a level where the euro-dollar could bounce to the level 4/8 of Murray.
Yesterday the euro-dollar peaked at 1.2242, its highest level since the beginning of January, finally breaking the resistance area 1.2176 seemed very optimistic, however the yields of the US Treasuries extended their rallies to New one-year highs, and also fueled by encouraging US data, this helped strengthen the US Dollar and we saw a correction in the pair.
On a technical level, we note that the EUR / USD pair, in 4-hour charts, has an uptrend channel and is trading within that channel for now.
If you look on the chart, yesterday's high coincided with the top of the channel acted as a strong resistance, now it is located at the base of the channel, which is likely to have a bullish rebound.
Therefore, since the EUR / USD pair is above the 200 EMA, we recommend buying above that level with targets at 1.2207.
If the euro-dollar rebounds to the 4/8 zone it is a good selling point given that the encouraging data from the United States may prevail over the weekend and would be a good opportunity.
Support And Resistance Levels For February 26 - 28, 2021
Resistance (1) 1.2225
Resistance (2) 1.2250
Resistance (3) 1.2277
Support (1) 1.2138
Support (2) 1.2102
Support (3) 1.2052
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Trading tip for EUR/USD for February 26 - 28, 2021
Buy now 1.2146 (3/8) with take profit at 1.2207, stop loss below 1.2110.
Sell if pullback at 1.2207 (4/8 of murray) with take profit at 1.2143 and 1.2085, stop loss above 1.2247.
Buy if rebound at 1.2085 (2/8) with take profit at 1.2141, stop loss below 1.2045.
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