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In the New York pre-market, the EUR / USD pair is trading at 1.2163, above 7/8 of murray and above the SMA of 21 in 4-hours charts. The currency pair is showing some exhaustion of the bullish momentum after the recovery from last week's lows at the 1.20 psychological level.
Market participants are poised to sell the US dollar with the weekly opening, even discounting in the terrible US employment report that was released on Friday.
This week, in the United States, the inflation figures for April will be released and the annual Consumer Price Index is expected to be 3.6%, well above the average.
EUR / USD is forecast to continue to be bullish as long as it trades above the 21-day SMA, today at 1.2079. At that level, there could be a technical bounce for a further bullish move to the 1.2207 area.
The Euro is likely to find strong resistance at 8/8 Murray, as the key 1.2207 level is located there. Above this level, the February high at 1.2243 emerges as immediate resistance for the euro.
The 6/8 murray level will now be a strong support located at 1.2085. This level is crucial for a break of the EUR / USD pair below this level. The price could have a fall to the 200 EMA at 1.1974.
If it does not break that level, there could be a good opportunity to buy at 6/8 murray, as that would mean that the pair has finished its correction and would resume the uptrend.
Our recommendation is to sell below 1.2146. Alternatively, if there is a pullback to 1.2207, sell below this level, as a downward correction is imminent. The eagle indicator is reaching the overbought level, so a downward correction is imminent.
Support and Resistance Levels for May 10 - 11, 2021
Resistance (1) 1.2205
Resistance (2) 1.2227
Resistance (3) 1.2247
Support (1) 1.2128
Support (2) 1.2106
Support (3) 1.2086
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Trading tip for EUR/USD for May 10 - 11, 2021
Sell if pullback 1.2207 (8/8 of murray and strong resistance) with take profit at 1.2146 and 1.2085 (6/8), stop loss above 1.2241.
Sell below 1.2146 (7/8) with take profit at 1.2085 (6/8), stop loss above 1.2185.
Buy if rebound 1.2085 (EMA 200 and 6/8) with take profit ate 1.2146 (7/8) stop loss below 1.2048.
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