EUR/USD: Technical Analysis and Trading Recommendations_04/29/2021
At the time of publication of this article, the EUR / USD pair is traded near the mark of 1.2127, remaining in the bull market zone and maintaining positive dynamics above the key support levels 1.1860 (ЕМА200 on the daily chart), 1.1930 (ЕМА144 on the daily chart).
EUR / USD is also above the important short-term support levels 1.2056 (EMA200 on the 1-hour chart), 1.1974 (EMA200 on the 4-hour chart), attempting to gain a foothold in the zone above the important long-term resistance level 1.2065 (EMA200 on the monthly chart).
In case of further growth, EUR / USD will head towards resistance levels 1.2180 (Fibonacci level 50% of the upward correction in the wave of the pair's decline from the level of 1.3870, which began in May 2014), 1.2340 (this year's highs). A more distant target is located at the resistance level 1.2580 (Fibonacci level of 61.8% and highs of 2018).
In an alternative scenario and after the breakdown of the local support level and EMA200 on the 1-hour chart at 1.2056, EUR / USD will resume its decline into the descending channel on the daily chart. Its lower border is near 1.1600, 1.1560 marks.
The breakdown of the support levels 1.1860 (ЕМА200 on the daily chart), 1.1780 (Fibonacci level 38.2%) will confirm the alternative scenario, and the breakdown of the support level 1.1560 (ЕМА200 and ЕМА144 on the weekly chart) will increase the risks of resuming the long-term bearish trend in EUR / USD.
Support levels: 1.2100, 1.2065, 1.2056, 1.1974, 1.1930, 1.1860, 1.1780, 1.1710, 1.1600, 1.1560
Resistance levels: 1.2180, 1.2270, 1.2340, 1.2555, 1.2580, 1.2600
Sell Stop 1.2090. Stop-Loss 1.2155. Take-Profit 1.2065, 1.2056, 1.1974, 1.1930, 1.1860, 1.1780, 1.1710, 1.1600, 1.1560
Buy Stop 1.2155. Stop-Loss 1.2090. Take-Profit 1.2180, 1.2270, 1.2340, 1.2555, 1.2580, 1.2600