The EUR / USD pair, in 4-hour charts, is trading below the SMA of 21, below the EMA of 200 and below 2/8 of a murray, under bearish pressure, we can also observe a wedge pattern that if trading below these levels, the target may be the 1.1840 zone in the short term.
After the suspension of the Oxford / AstraZeneca coronavirus vaccine in several European countries. Investors have become cautious and this in turn has benefited the safe haven US dollar and put some downward pressure on the EUR / USD pair.
The US dollar has strengthened due to the optimistic economic outlook for the United States, reinforced by the approval of a massive stimulus package of 1.9 trillion dollars.
This bullish momentum can be taken as a correction of the pair, because technically it has left several dojis and a lot of indecision in the market, which is likely that the bearish force will take it to levels of 1.1840.
On the contrary, a break and a consolidation above 1.1962 will give us the opportunity to buy with targets up to the 200 EMA located at 1.2049.
Our recommendation is to sell below the 200 EMA, targeting 1/8 of a murray around 1.1840.
Support And Resistance Levels For March 16 - 17, 2021
Resistance (1) 1.1958
Resistance (2) 1.1990
Resistance (3) 1.2014
Support (1) 1.1902
Support (2) 1.1878
Support (3) 1.1860
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Trading tip for EUR/USD for March 16 - 17, 2021
Sell below 1.1940 (SMA 21) with take profit at 1.1901 and 1.1865, stop loss above 1.1980.
Sell if pullback at 1.1962 (2/8 of murray) with take profit at 1.1902 and 1.1840, stop loss above 1.1997.
