Technical Analysis of EUR/USD for April 21, 2021


Overview :

The EUR/USD pair continues to move upwards from the level of 1.1943. Yesterday, the pair rose from the level of 1.1943 (the level of 1.1943 coincides with a ratio of 00% Fibonacci retracement, bottom, lowest wave) to a top around 1.2081. But it rebounded to close at the price of 1.2000. The price of 1.2000 is representing a psychological level today.

Today, the first support level is seen at 1.1943 followed by 1.1943, while daily resistance 1 is seen at 1.2081. According to the previous events, the EUR/USD pair is still moving between the levels of 1.2081 and 1.1943.

On the one-hour chart, immediate resistance is seen at 1.2011, which coincides with a ratio of 50% Fibonacci retracement.

Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.

The price is still above the moving average (100), Therefore, if the trend is able to break out through the first resistance level of 1.2081, we should see the pair climbing towards the daily resistance at 1.2100 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 1.1900.

The material has been provided by InstaForex Company -