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The EUR / USD pair, at the opening of the American session, is trading near the highs of 1.2347, the demand for the EURO is partly due to the downward force that pressures the US dollar, which has dragged the USDX Dollar Index to test the zone of the low of April 2018 around 89.12.
Technically we notice that the EUR / USD, in daily charts, after having made a correction on Friday, is now with strong bullish momentum, however, the eagle indicator in the daily chart shows that it is in the overbought zone and could occur an imminent decline or correction in the short term.
As the EUR / USD is facing resistance and overbought levels, our recommendation is to wait for a correction in the pair and then buy again, only if the pair trades below Murray's 5/8 below 1.2329, a decline to the 21 SMA area could occur.
We can take advantage of this setback to sell, only if the pair trades below Murray's 5/8 below 1.2329, we can have short positions.
The next support is located at the 4/8 of Murray around 1.2207, this level is important because at this point the SMA of 21 is located, if the pair breaks this area, we could consider a change in trend to bearish, with targets at 1.1962 in the medium term.
On the other hand, the market sentiment for today January 6 shows that there are 66% of operators that are selling the EUR / USD pair, which remains unchanged, therefore a correction to the 1.2265 or 1.2215 area, will be good bounce areas to buy the Euro-dollar again.
Support And Resistance Levels For January 06-08, 2021
Resistance (1) 1.2367
Resistance (2) 1.2383
Resistance (3) 1.2426
Support (1) 1.2315
Support (2) 1.2278
Support (3) 1.2237
Trading tip for EUR/USD for January 06-08, 2021
Sell bellow 1.2329 ( 5/8 of murray) with take profit at 1.2265 and 1.2215 (SMA 21), Stop loss above 1.2370
Buy if rebound at 1.2265 (trend line), with take profit 1.2345 and 1.2450, stop loss below 1.2230.
Buy if rebound at 1.2215 (SMA 21), with take profit 1.2345 and 1.2450, stop loss below 1.2175.
Sell if breaks below 1.2205 (4/8) with take profit at 1.2085 and 1.1962, stop above 1.2240.
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