Trading Signal for EUR/USD for February 05 - 08, 2021: Strong Support 1.1930

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In a few hours the non-farm payroll, the monthly report of the United States for January, will be published. The country is expected to have added 50,000 new jobs in January, after losing 140,000 in December. The Unemployment Rate is expected to remain stable at 6.7%. The Labor Participation Rate stood at 61.5% in December.

The EUR/USD pair fell from the psychological level of 1.2000, falling to a new low of 1.1953. The pair remains under bearish pressure for the fourth day in a row, as investors continue to buy the dollar in hopes of a new US stimulus package.

The US dollar is strengthening due to the performance of the Treasury Bonds is a sign of a better mood on the part of investors.

At a technical level, we expect the EUR/USD pair to find a bottom in the zone of 1.1962/ 1.1930, a level that coincides with the 2/8 of murray and the third weekly support, also the eagle indicator is showing an oversold signal and an imminent rebound in the short term.

Our recommendation is to buy above the level of 1.1930, if the pair breaks again the key zone of the psychological level of 1.2000, it will be a good opportunity to buy with targets in the 3/8 of murray until 1.2085.

Support And Resistance Levels For February 05 - 08, 2021

Resistance (1) 1.1986

Resistance (2) 1.2015

Resistance (3) 1.2068

Support (1) 1.1930

Support (2) 1.1900

Support (3) 1.1883

Trading tip for EUR/USD for February 05 - 08, 2021

Buy above 1.1930 (Strong Support) with take profit at 1.2000 and 1.2085, stop loss below 1.1900.

Buy if breaks at 1.2000 (SMA 21) with take profit at 1.2040 and 1.2085 , stop loss below 1.1962 (2/8).

The material has been provided by InstaForex Company - www.instaforex.com

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