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In the early American session, the EUR / USD pair is trading above the SAM of 21 according to a 1-hour chart. The price and is located above the 38.2% of the Fibonacci retracement.
The Euro was falling from its high at 1.2149 until it found strong support at around the psychological level of 1.20. After having broken its downtrend channel, it is now clear that the last two candles show optimism and could reach the 1.2085 zone.
The level of 1.2085 where strong resistance of 6/8 of murray is located that on previous occasions pressed the pair down. Besides, the same level coincides with the 61.8% retracement of the fibonacci.
We should watch this level (1.2085) as the Euro could face strong resistance and it would be an opportunity to sell again.
The 61.8% level of the fibonacci retracement is considered a reversal point, because if the pair fails to break this level there could be a downward movement up to 1.20. Alternatively, if it consolidates below this psychological level, it may fall up to the 1.1962 level of 4/8 murray zone.
The report on the market sentiment ahead of the publication of the US non-farm payrolls shows that 59.74% of market participants are selling the pair. This is a sign that the euro is losing its bullish strength. Well, at the beginning of the week there were 65% of the buyers. Now we notice a decrease.
According to this data, if the Euro does not exceed the 1.21 barrier, there could be a fall to the 1.18 zone in the medium term.
Support And Resistance Levels For May 06 - 07, 2021
Resistance (1) 1.2061
Resistance (2) 1.2106
Resistance (3) 1.2194
Support (1) 1.2038
Support (2) 1.2023
Support (3) 1.1981
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Trading tip for EUR/USD for May 06 - 07, 2021
Sell if pullback 1.2085 or below (61.8% Fibonacci and 6/8 of murray) with take profit at 1.2045 and 1.2000 , stop loss above 1.2122.
Buy if rebound 1.2023 (5/8 of murray) with take profit at 1.2085 , stop loss below 1.1981.
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