Trading Signal for EUR/USD for March 10 – 11, 2021: Buy above 1.1905

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Trading Signal for EUR/USD for March 10 - 11, 2021: Buy above 1.1905

Trading Signal for EUR/USD for March 10 – 11, 2021: Buy above 1.1905

Trading Signal for EUR/USD for March 10 - 11, 2021: Buy above 1.1905

The EUR / USD pair, in 4-hour charts, is trading just above the 21 SMA, within its bearish channel, we can also notice the formation of a bullish pennant, the confirmation will be if it negotiates above 1.1905/15.

The recovery of the EUR / USD pair has difficulties to move above the level of 1.19 because the top of the bearish channel is located there, and the SMA of 21 in 4 hours.

If it fails to position itself above 1.1930, the downward pressure could push it to the 1.1840 support level where 1/8 of Murray is located.

The rebound these days is due to the decline in yield rates in the American debt market, which has dragged the 10-year benchmark bond rates down to the 1.52% zone from the highs of more a year from last week above 1.62%.

The issue of interest rates remains the main factor determining price action in global assets, always against the background of the growing perception among operators of higher inflation in the United States for the coming months.

Therefore, the negotiation of the price of the EUR / USD pair, above the SAM of 21 and a break of the bearish channel, will give an upward movement to the 2/8 zone of Murray (1.1962) and the EMA of 200 ( 1.2075), these are the next resistance level.

On the contrary, we recommend waiting for a bounce at the 1.1840 zone, a level of strong support, to be able to buy on the technical bounce.

Support And Resistance Levels For March 10 – 11, 2021

Resistance (1) 1.1935

Resistance (2) 1.1970

Resistance (3) 1.2010

Support (1) 1.1849

Support (2) 1.1829

Support (3) 1.1769

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Trading tip for EUR/USD for March 10 – 11, 2021

Buy above 1.1905 (SMA 21) with take profit at 1.1962, stop loss below 1.1870.

Buy if rebound at 1.1840 (1/8 of murray and strong support) with take profit at 1.1905 and 1.1962, stop loss below 1.1805.

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

Source : https://www.fx.co/forex_analysis/quickview/211180/