The EUR / USD pair is trading at 1.2161, around the 50% Fibonacci retracement, which was traced from the high of 1.2349 to the low of 1.1952. It is now facing strong resistance at 1.2165.
A break above 1.2165 could hit the 61.8% Fibonacci around 1.2207. which also matches Murray's line of 4/8.
The SMA of 21 on daily charts is at 1.2101, a correction could occur to that level, if the EUR / USD bounces in this area it could be a good buying opportunity with targets at 1.2207.
The euro-dollar has not been able to remain above 1.2150, if this time it does not consolidate above this level, it will be a false break and a fall could occur to the SMA of 21, therefore if it falls below again 1.2150, we could expect a drop to 1.2101.
Market sentiment for today February 16 shows 55% of traders who are selling the pair this is a sign that there could be a correction to 1.2101 before a new bullish wave.
The eagle indicator in daily charts is in the buy zone, which in the long term could be an upward movement, for this to happen the EUR / USD should remain above 1.2101.
Support And Resistance Levels For February 16 - 17, 2021
Resistance (1) 1.2171
Resistance (2) 1.2224
Resistance (3) 1.2305
Support (1) 1.2112
Support (2) 1.2084
Support (3) 1.2041
Trading tip for EUR/USD for February 16 - 19, 2021
Sell below 1.2151 (EMA 200) with take profit at 1.21010 , stop loss above 1.2185.
Buy if rebound at 1.2101 (SMA 21 daily) with take profit at 1.2150 and 1.2207 (61% fibonacci) , stop loss below 1.2070 (3/8).