Trading Signal for EUR/USD for August 03 - 04, 2021: Symmetrical Triangle

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The symmetrical triangle technical pattern determines the movement of the EUR / USD pair. In the last hours, it has been trading within a range between 1.1890 and 1.1860. A sharp break in a bullish or bearish direction could define the next move for the Euro.

The Euro is slightly bullish, given that at this time of writing it is trading below 3/8 murray, and above the 200 EMA and 21 SMA. However, the eagle indicator that measures the strength and a market volume, is showing a bearish signal.

The EUR / USD pair could confirm a potential upward movement only if it consolidates above 1.1901. Its target can be located at the 4/8 murray resistance around 1.1962.

The 4-hour chart shows that the EUR / USD pair is about to break the symmetrical triangle and define the move we should follow.

We should expect a bearish break below 1.1870. Only then and according to the eagle indicator it could be a good opportunity to sell with targets at the support line of 2/8 murray located at 1.1840.

If the downward pressure intensifies and the price breaks the strong support at 1.1840, a decline towards the 1.1779 support zone is expected.

The eagle indicator that measures the strength of the market and the volume of operations, shows that the EUR / USD pair is in the overbought zone. It is likely that there will be a technical correction in the coming days to alleviate the downward pressure to enable the pair to continue with the overall uptrend.

Support and Resistance Levels for August 03 - 04, 2021

Resistance (3) 1.1932

Resistance (2) 1.1911

Resistance (1) 1.1888

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Support (1) 1.1840

Support (2) 1.1812

Support (3) 1.1775

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Trading tip for EUR/USD for August 03 - 04, 2021

Buy above 1.1890, with take profit at 1.1962 (4/8), stop loss below 1.1855.

Sell below 1.1870, with take profit at 1.1840 (2/8), and 1.1779, stop loss above 1.1905.

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

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