Technical analysis

08 April 2021

11:57 EUR/USD was trading near a 3-week high

Yesterday the EUR/USD traded in different directions in the range of $1.1860-$1.1915 and closed the day without significant changes. Today it was trading in a narrow range of $1.1860-70, staying close to a 3-week high. On the hourly chart, EUR/USD is still trading above the MA line (200) H1 ($1.1780). On the four-hour chart, it remains below the MA 200 H4 line for now. Based on the foregoing, it is probably worth sticking to the northern direction in trading, and while the EUR/USD remains above MA 200 H1, it may be necessary to look for buy entry points for the formation of a correction.

  • Resistances levels are at: $1.1910, $1.1940-45, $1.1985

  • Support levels are at: $1.1835, $​​1.1795, $1.1740

Probably, the main scenario - is continued growth to $1.1910 (Apr 7 high). An alternative scenario - may be final consolidation below the MA 200 H1, followed by a decline to $1.1705 (Mar 31 low).

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