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In the morning of the American session, the euro is located above the downtrend channel and above the support of 2/8 of murray,. A consolidation around 1.1580 - 1.1615 can be seen. However, the 4-hour chart shows exhaustion of the bullish force, which could lead to correction towards the support level of 1.1575 located at the 21 SMA .
The downward pressure has eased, but it could continue to trade within a range for the next few days. A fall in the US dollar below 4/8 of a murray (93.75) could favor the euro and gain momentum.
Our outlook for the euro rise could remain intact only if the pair trades above the 21 SMA located at 1.1575 and above the downtrend channel.
The bounce around 1/8 of a murray and with the confirmation of the double bottom could be a sign that in the short term the euro could rise to the dynamic resistance of the 200 EMA located at 1.1671. A further advance is not ruled out, but it may not be easy to break as a few pips higher at 1.1718 (4/8) a strong resistance is placed.
The upside bias is considered intact as long as the euro does not trade below 1.1535, this is the 1/8 murray level. In case of a daily close below this level, we must avoid buying. It may originate a new bearish sequence that could reach 1.1474, near 0/8 of murray.
We hope that the euro will continue to consolidate until next week. A good point to buy will be if the price bounces off the 21 SMA, with targets at 1.1650 and up to the 200 EMA at 1.1672.
The eagle indicator is showing a bullish signal, but momentum is limited as long as it remains below 1.1670. Therefore, the next week, the euro could oscillate between 1.1575-1.1672, you should consider these levels to buy and sell.
Support and Resistance Levels on October 15 - 18, 2021
Resistance (3) 1,1672
Resistance (2) 1,1657
Resistance (1) 1,1631
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Support (1) 1,1577
Support (2) 1,1535
Support (3) 1,1474
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A trading tip for EUR/USD on October 15 - 18, 2021
Buy above 1,1575 or if there is a rebound (SMA 21) with take profit at 1,1657 and 1,1672 (EMA 200), and stop loss below 1,1535.
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