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The EUR / USD pair, on the morning of the American session, is under bearish pressure and is trading on daily charts below the SMA of 21, and below the 2/8 of Murray, with signs of finding a bounce in the 1.2020 zone.
The fall of the euro-dollar is due to the advance in bond market yields, which looks more stable at this time. The rapid rise in bond yields of developed countries, generated concern among investors and gave a boost in favor of the dollar.
On the daily chart you can see the Fibonacci retracement trace, from its maximum at 1.2347 and its minimum 1.1951, the EUR / USD pair has retraced to 61.8% located at 1.2197, due to the fact that the euro made this movement of correction, and left a pin bar candle, confirming that the prevailing force in the market is bearish.
Therefore, it is now trading below 23.6% which is a zone of a probable rebound or consolidation. On the other hand, the eagle indicator is showing an oversold signal.
The market sentiment for today March 1 shows 48% of operators who are selling the pair, this is a sign that we could see a downward movement in the next few days to the 1.1952 area.
Our recommendation is to buy above 1.2020, and sell below 1.21.
Support And Resistance Levels For March 01 - 02, 2021
Resistance (1) 1.2101
Resistance (2) 1.2125
Resistance (3) 1.2188
Support (1) 1.2027
Support (2) 1.1983
Support (3) 1.1944
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Trading tip for EUR/USD for March 01 - 02, 2021
Buy if rebound at 1.2020 (1/8 of murray and strong support) with take profit at 1.2085 and 1.2146, stop loss below 1.1985.
Sell if pullback at 1.2098 (SMA 21) with take profit at 1.2060 and 1.2020, stop loss above 1.2135.
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