EURUSD Technical Analysis – April 07, 2021

The Euro and the USD rose on Tuesday, the technical bias is bullish due to higher highs in the recent uptrend.

The Euro and USD is currently trading near 1.18730, and multiple resistance levels can be seen above the price. These price levels may prevent the price from rising further.

  • Resistance level 1: 1.19000
  • Resistance level 2: 1.19350
  • Resistance level 3: 1.19900

Below the price, we can find multiple support levels, and these price tags help to keep the price above it.

  • Support level 1: 1.18200
  • Support level 2: 1.17850
  • Support level 3: 1.17400

In terms of data, the European Union will announce March Markit service industry PMI data for the Eurozone and its important member states on Wednesday. The forecast value of the Eurozone service industry PMI is 48.8, which is unchanged from the previous value of 48.8. It should be noted that only if the PMI value of the service industry is greater than 50, it indicates that the economy is in a state of expansion. As the final data releases, a higher data will suggest it being beneficial to the euro, so the European and American currency pairs are bullish. vice versa.

All in all, given the recent price trends and economic development, it may be a good choice to buy European and American currency pairs near current levels.