Technical Analysis of EUR/USD for April 19, 2021

Overview :Intraday bias in the EUR/USD pair stays in a bullish first. Rise from 1.1971 could still extend higher with 1.2121 resistance intact. Above the critical 1.1971 level, the next levels to watch date to April, and include 1.2121, 1.2238 and 1.2270. On the upside, firm break of 1.1971 will suggest that the correction has completed, and bring stronger rise to 1.2121 resistance first. Therefore, strong support will be found at the level of 1.1971 providing a clear signal to buy with a target seen at 1.2121. On the H1 chart. the level of 1.1971 coincides with 50% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 1.1908. If the trend breaks the minor resistance at 1.2121, the pair will move upwards continuing the bullish trend development to the level 1.2121 in order to test the daily resistance 1. The EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.2238 (secnd target). Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. Support awaits at the daily low of 1.1908, followed by 1.1830 and 1.1704, which accompanied the pair during its recent ascent. Below 1.1908 support will target 1.1830 key resistance turned support. However, if the EUR/USD pair fails to break through the resistance level of 1.2238 today, the market will decline further to 1.1908.