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Technical analysis

22.04.202113:17 Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 22, 2021

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Overview :

The EUR/USD pair continues to move upwards from the level of 1.2000. Yesterday, the pair rose from the level of 1.2000 (the level of 1.2000 coincides with a ratio of 61.8% Fibonacci retracement) to a top around 1.2053.
Today, the first support level is seen at 0.9866 followed by 0.9789, while daily resistance 1 is seen at 0.9990. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9866 and 0.9990; for that we expect a range of 124 pips (0.9990 - 0.9866).
On the one-hour chart, immediate resistance is seen at 1.2080, which coincides with a ratio of 100% Fibonacci retracement -last bullish wave, top.
Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100) and (50).
Therefore, if the trend is able to break out through the first resistance level of 1.2080, we should see the pair climbing towards the daily resistance at 1.2127 to test it.
The EUR/USD pair will demonstrate strength following a breakout of the high at 1.2000. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.2080 with the first target at 1.2127.
Then, the pair is likely to begin an ascending movement to 1.2127 mark and further to 1.2148 levels. The level of 1.2148 will act as strong resistance.
It would also be wise to consider where to place stop loss; this should be set below the second support of 1.1975.

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