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Trading Signal for EUR/USD for June 23 - 24, 2021: Buy above 1.1901


The EUR / USD pair, in 4-hour charts, is trading above the 21 SMA and above the 3/8 Murray, the key support level, and showing bullish signals in the short term.

Yesterday, the Euro in 4-hour charts managed to consolidate above the 21 SMA. Now we expect a pullback towards this level. If it manages to bounce there, the uptrend is likely to continue.

Yesterday the Chairman of the Federal Reserve of the United States, Jerome Powell, testified before the House of Representatives on the response of the Federal Reserve to the pandemic. Powell highlighted the sustained economic improvement amid rapid immunization in the country and inflationary pressures that is under control.

Although this given was encouraging for the dollar index, USDX, we see a bit of recovery, but the dollar index is likely to make a correction to the 92.10 area. If it remains below this level, it could give the Euro a bullish boost to reach the psychological level of 1.20.

The 4-hour chart of the EUR / USD pair shows a bullish bias that is supported by the SMA of 21. The eagle indicator moves away from the oversold zone. There is a way up to 95 points to enter the overbought zone. Meanwhile, the outlook will remain bullish for the Euro in the short term.

We believe that the level where the 3/8 of murray and the SMA of 21 converge make a strong support and will be a good point to buy around the 1.1901 area. Whenever the pair approaches this level, we recommend buying with targets at 1.1962 and 1.2000.

Support and Resistance Levels for June 23 – 24, 2021

Resistance (3) 1.2002

Resistance (2) 1.1993

Resistance (1) 1.1963


Support (1) 1.1891

Support (2) 1.1877

Support (3) 1.1849


Trading tip for EUR/USD for June 23 - 24, 2021

Buy above 1.1901 or if rebound (SMA 21 and 3/8), with take profit at 1.1962 (4/8) and 12002, stop loss below 1.1865.

The material has been provided by InstaForex Company -