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In the European session, the EUR / USD pair touched the resistance of the 200 EMA. After the pair had tested and failed to consolidate above this level, it started a correction. The price is now below the 21 SMA. EUR/USD is likely to continue its fall and could break the support of 1.1596 (2/8 of murray).
The fall of the Euro in the last hours is due to the fact that the US dollar index (#USDX) is rising after having found support at the EMA of 200 (93.57). It is now located above 4/8 of murray (93.75), suggesting that the euro could continue its fall in the next few hours.
In addition, the euro's weakness comes as a result of some uncertainty and fears ahead of the meeting of the European Central Bank (ECB) scheduled for October 28. So, investors prefer to take refuge in the US dollar until the ECB announces its policy decisions.
Undoubtedly, some softness is expected for the euro and it may be falling all this week. Therefore, each time the euro recovers and bounces above the support between 1.1596 and 1.1535 and trades below the EMA of 200 in the 4-hour chart, there will be a good opportunity to sell.
According to the chart above, you can observe a sharp break in the trend channel that supported the upward movement of the euro. This may be a negative signal and the euro could drop to the price level of October 12 around 1.1535.
On the other hand, the euro is below the EMA of 200 and 21. This means that the euro is under downward pressure. If there is a pullback towards 1.1648, it will be considered a good opportunity to sell with targets at 1.1596 and 1.1535.
The eagle indicator in the European session touched the level of 95 which signals an imminent technical correction. This whas been already confirmed by the fall of the euro. EUR / USD is still overbought and could decline to 1/8 of a murray in the next few days as the oscillator of the indicator is pointing downwards.
Support and Resistance Levels for October 25 - 26, 2021
Resistance (3) 1.1660
Resistance (2) 1.1638
Resistance (1) 1.1627
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Support (1) 1.1585
Support (2) 1.1535
Support (3) 1.1512
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A trading tip for EUR/USD for October 25 - 26, 2021
Buy if the pair rebound from 1.1596 (2/8) with take profit at 1.1640 and 1.1657 (EMA 200), and stop loss below 1.1566.
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