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The EUR / USD pair managed to break above the technical pattern of the symmetrical triangle, surpassing the Murray 4/8 zone at 1.2207, for now the upward movement of the EUR / USD remains firm.
The Eurodollar gained bullish strength after breaking the strong resistance at 1.2176, which had slowed the rises several times in recent weeks.
After breaking this level, the euro accelerated the upward journey, at this moment it is trading at 1.2224. This upward movement came after confidence data from the Eurozone.
On a technical level, the Euro is above the 21 SMA and above the 200 EMA, both levels are acting as strong support.
On the other hand, there is likely to be a rebound from Murray's 4/8 zone at 1.2207, it could be a good point to buy with targets at 1.2268, Murray's 5/8 level.
If the pair breaks the Murray 4/8 zone and trades below 1.2207, a correction to the 21 SMA and Murray's 3/8 is likely, also the uptrend channel is located there, in this zone we can buy before a technical rebound.
Support And Resistance Levels For February 25 - 26, 2021
Resistance (1) 1.2250
Resistance (2) 1.2305
Resistance (3) 1.2329
Support (1) 1.2187
Support (2) 1.2122
Support (3) 1.2082
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Trading tip for EUR/USD for February 25 - 26, 2021
Buy if rebound above 1.2207 (4/8) with take profit at 1.2268 (5/8), stop loss below 1.2173.
Buy if rebound above 1.2146 (SMA 21 and 3/8) with take profit at 1.2207 (4/8) and 1.2268, stop loss below 1.2110.
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