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The EUR / USD pair before the opening of the American market today, on Friday, was trading above the SMA of 21 on the 4-hours chart, and above 6/8 of murray with a slight bullish bias.
The Dollar Index (USDX) is at 90.50, moving away from 91.00. The decline in the yields on the Treasury bonds and the rebound in the stock markets are factors that favor the weakness of the dollar. The 10-year bonds, which had hit 1.70%, was at 1.63% on Friday.
In the graph, you can see the complete formation of the symmetric triangle and the respective upward break that the Euro made, giving a bullish continuation signal to the 1.2145 area.
In addition, the fact that it is above 6/8 of murray means that the EUR / USD pair has a good support that will boost to the 1.2207 area, there is 8/8 of murray, a zone of strong resistance.
If the market finds a foothold above this 1.2085 level, there will be a good opportunity to buy with targets at 1.2145 and 1.2207.
On the contrary, a daily close and consolidation below 6/8 of murray and the SMA of 21, could put downward pressure ont he euro and it will fall to its psychological level of 1.2000.
In the event that the downward momentum gains traction, it will be essential for the EUR / USD pair to trade below 1.2085, this is a level of confluence, since there, the buyers and sellers decide and the forces are divided.
Therefore, below 1.2085 we recommend selling with targets at the 200 EMA located around 1.1992. The eagle indicator is reaching overbought levels again.
Support and Resistance Levels for May 14 - 17, 2021
Resistance (3) 1.2208
Resistance (2) 1.2162
Resistance (1) 1.2135
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Support (1) 1.2107
Support (2) 1.2079
Support (3) 1.2052
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Trading tip for EUR/USD for May 14 - 17, 2021
Buy above 1.2105 (SMA 21), with take profit at 1.2145 and 1.2170, stop loss below 1.2085.
Buy if the price rebounds to 1.2085 (6/8 of murray) with take profit at 1.2145 (7/8), stop loss below 1.2045.
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