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EUR/USD is rebounding after reaching the 21-day SMA around 1.1490. According to the H4 chart, the euro is overbought, thus a technical correction is likely to occur in the coming days.
If the euro reaches 1.1470, around the 61.8% Fibonacci level, this area could be seen as an opportunity to open long positions with a target at the top of the uptrend channel around 1.1610.
If the euro falls below the 61.8% Fibonacci level, we could expect it to reach the 100% level around 1.1470. Moreover, if the downward pressure persists, we could expect it to reach the 1/8 Murray level around 1.1350.
Given that the euro left a gap on February 27 around 1.1820, it is expected to continue its recovery, hence any pullback could be seen as a signal to buy in the coming days.
A drop below the 2/8 Murray level at 1.1474 could resume EUR/USD's bearish cycle and could be seen as a signal to sell, with targets at 1.1410, 1.1390, and finally around the bottom of the bearish trend channel at 1.1350, which coincides with the 1/8 Murray level.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
