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On the 4-hour chart, EUR / USD is trading below the 21 SMA and above the 0/8 Murray support. The price has rebounded around 40 pips from the weekly low at 1.1700.
The euro is under downward pressure. This ongoing movement could be a correction to later break the level of 1.17 and thus fall to 1.1657 level of -2/8 of murray or to the low of August 20 at 1.1663.
Despite the current bounce, the short-term outlook remains bearish as long as the pair trades below the 200 EMA and 21 SMA. Any bounce will be an opportunity to continue selling.
A daily close above the 21 SMA and above 1/8 of a murray could ease the downward pressure, suggesting the opportunity to buy with targets at 1.1798 of the 200 EMA and the top of the bearish channel. At this point, there should be a technical correction and the euro could fall below 1.18 again.
A consolidation in the euro is likely through Wednesday 22 as investors are awaiting comments from the Fed after the two-day FOMC meeting ends. The policy decisions could affect the future of the euro in the medium term.
The technical reading of the eagle indicator is showing a bullish signal as the market volume is increasing. However, for this we must wait for the euro to consolidate above 1.1750. Otherwise, it will only be a bounce signal to continue with the main bearish movement.
Our outlook for EUR / USD is to wait for it to bounce in the 0/8 murray zone or otherwise to wait for a break and consolidation above the 21 SMA to be able to buy. The target is seen at 1.1798 level of the EMA of 200.
Support and Resistance Levels for September 21 - 22, 2021
Resistance (3) 1.1774
Resistance (2) 1.1755
Resistance (1) 1.1738
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Support (1) 1.1718
Support (2) 1.1702
Support (3) 1.1683
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Trading tip for EUR/USD for September 21 - 22, 2021
Buy if the euro rebounds at 1.1715 or buy if the pair breaks above 1.1750 (SMA 21) with take profit at 1.1798 (EMA 200), stop loss below 1.1680.
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