The EUR / USD pair before the American session, in 4 hours charts is trading above the SMA 21 and below the resistance of 1.2050, it still remains within the uptrend channel, showing exhaustion of the bullish force.
The US dollar, USDX, has been under pressure near multi-week lows amid expectations that the Fed will keep rates low for a longer period. This, in turn, has given the EUR / USD upward strength, to rise above the psychological level of 1.20. now a downward correction of the pair is likely in the next few hours.
In a few hours, traders will be attentive to the press conference of the president of the ECB, Christine Lagarde, These comments could infuse some volatility in the EUR / USD pair, we hope to be attentive.
On the technical level, you note that the EUR / USD pair is trading above the SMA of 21, with bullish force, although now it faces a strong top in the 1.2050 area, this level is key, if it is broken, the Next resistance is at 6/8 murray around 1.2085, at this level there could be a technical correction.
On the other hand, if the EUR / USD pair trades below 1.2050, there could be a retracement to the uptrend line and the Murray line of 5/8 located at 1.2023, if this level is broken, a fall of the pair to support of 1.1962.
The eagle indicator is showing an overbought signal, it is imminent that in the next few hours there will be a downward correction to support levels of 1.20.
The market sentiment report shows that there are 61.1% of operators who are selling the pair, this is a sign that a downward movement could occur since the percentage compared to yesterday's figure is a decrease, so the pair could suffer a correction movement in the coming days.
Support And Resistance Levels For April 22 - 23, 2021
Resistance (1) 1.2069
Resistance (2) 1.2095
Resistance (3) 1.2149
Support (1) 1.2026
Support (2) 1.2004
Support (3) 1.1978
Trading tip for EUR/USD for April 22 - 23, 2021
Sell below 1.2050 (Strong resistance) with take profit at 1.20 and 1.1962, stop loss above 1.2085.
Sell if pullback 1.2085 (6/8 of murray) with take profit at 1.2040 and 1.1962(4/8), stop loss above 1.2120.
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