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Yesterday, EUR / USD peaked at the zone of 1.1969. Just at this level a strong resistance is located in the zone of 4/8 murray (1.1962). At this moment, the pair is trading in 4-hour charts at 1.1923, above SMA of 21 and above 3/8 of murray. A correction to the 1.1901 and 1.1980 levels is likely.
The Euro is technically making a consolidation. We believe that if the pair remains above the 21 SMA, an upward movement to the 1.1962 and 1.20 level may occur in the short term.
The market sentiment report for Thursday shows that there are 55.47% of operators who are buying the EUR / USD pair. This is a sign that there could be a downward movement to the 1.1840 zone in the short term.
According to market sentiment, you could take opportunities to sell whenever the euro approaches resistance levels such as the 1.1962 4/8 murray zone or the 1.20 psychological level. These levels represent good selling opportunities.
On the contrary, a technical bounce off the support zone of the SMA of 21 or at the level of 1.1890 will be a good opportunity to buy, given at this level the 61.8% of the Fibonacci retracement is located.
The technical reading of the eagle indicator shows a slightly bearish bias. A correction within an uptrend is likely. A bounce off the support zone above from 1.1880 to 1.1901 will be a good opportunity to buy.
Our recommendation is to buy above the SMA of 21 or 1.1890, with short-term targets at 1.1962 and 1.20. If a consolidation occurs below 1.1880, we should avoid buying.
Support and Resistance Levels for June 24 – 25, 2021
Resistance (3) 1.1992
Resistance (2) 1.1956
Resistance (1) 1.1948
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Support (1) 1.1898
Support (2) 1.1875
Support (3) 1.1839
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Trading tip for EUR/USD for June 24 - 25, 2021
Buy above 1.1910, (SMA 21), with take profit at 1.1962 (4/8), stop loss below 1.1875.
Buy if rebound 1.1890 (3/8), with take profit at 1.1962 and 1.2000, stop loss below 1.1855.
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