After the American session kicked off, EUR / USD is trading below the SMA of 21 and the EMA of 200. The pair is bouncing after having fallen to the 1.2094 zone. This slight bullish attempt could be considered as a correction movement. Well, the pair is still under selling pressure. Besides, since May 23, EUR has been printing lower highs and lows.
The US Dollar Index (USDX) is falling modestly, having failed to consolidate above 90.50. We expect a correction to the SMA of 21, for a bullish rebound and the continuation of the movement to the 91.05 area.
This week, the crucial data that could give strong volatility to the currency market is the meeting of the Federal Reserve, where it is expected to confirm a good long-term outlook and could shed light on the adenga for tapering the bond purchase program.
Due to the sharp fall on Friday, the pair has been trading in the red as the key price level is located at about 1.2162. If the EUR / USD pair is below this zone, the outlook remains bearish and there could be a fall to the bottom of the bearish channel at 1.2060.
For now, our recommendation is to buy the Euro with a target in the area of the 200 EMA. If the market makes a bounce at the support of 1.2080 that is the 6/8 of murray, it will be a good opportunity to buy.
Support and Resistance Levels for June 14 – 15, 2021
Resistance (3) 1.2230
Resistance (2) 1.2185
Resistance (1) 1.2157
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Support (1) 1.2068
Support (2) 1.2050
Support (3) 1.2013
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Trading tip for EUR/USD for June 14 - 15, 2021
Sell if pullback 1.2162 (EMA 200 and SMA 21), with take profit at 1.2085 (6/8) and 1.2062, stop loss above 1.2196.
Buy above 1.2110, or if rebound 1.2080, with take profit at 1.2162 (EMA 200), stop loss below 1.2090 and 1.2050.
