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The EUR/USD pair, in the morning of the American session, is trading near its highs of 1.2170. On the 4-hour charts, it is located above the SMA of 21 and below the strong resistance of 8/8 of murray located at 1.2207.
On the other hand, the US dollar index, USDX, is rebounding from the psychological level of 90.00. It is consolidating in this area. If it maintains this level and recovers, the euro could fall to the level of 1.2130.
On the contrary, the USDX, has a strong support at 0.8983. It would be the last stop for the weakness of the US dollar. The benchmark 10-year bond is expected to support the USDX as this morning we noticed some recovery beyond 1.60%.
On the chart above, you can see that the euro has formed resistance at 1.2170. This level coincides with the USDX reading of 90.00. If the price is below this resistance, there could be a downward correction for the EUR/USD pair in the next few hours.
On the other hand, a pullback to 8/8 murray around 1.2193/1.2207, could bring a good selling opportunity with targets at the 21 SMA around 1.2130.
If the price fixes below 7/8 murray located at 1.2146, we willexpect a bearish move to 6/8 murray and strong support at the 1.2085 zone.
The technical reading of the eagle indicator shows that the market is exhausting, and a bearish move is likely take place in the next few hours.
The speculative sentiment index for today shows that there are 65.99% of traders who are selling the EUR/USD pair. This is a sign that the bullish strength of the euro has not yet ended and there could be a correction to 1.2085 for a new bullish momentum.
Support and Resistance Levels for May 11-12, 2021
Resistance (1) 1.2160
Resistance (2) 1.2194
Resistance (3) 1.2207
Support (1) 1.2143
Support (2) 1.2109
Support (3) 1.2092
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Trading tip for EUR/USD for May 11 - 12, 2021
Sell, if there is a pullback to 1.2193 (8/8 of murray) with take profit at 1.2145 and 1.2085 (6/8), and stop loss above 1.2225
Sell below 1.2170 (strong resistance) with take profit at 1.2130 and 1.2085 (6/8 of murray), and stop loss above 1.2207.
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