Yesterday the Minutes of the FOMC meeting were published, these data revealed that policy makers said that the pace of recovery of economic activity and employment had moderated in recent months.
Participants viewed progress in vaccines as essential to supporting greater gains in consumer spending and the overall economic recovery.
FOMC members said it will likely take some time to make more substantial progress on QE.
On the technical level, we note that the EUR / USD pair before the opening of the European session, is trading above the 61.8% Fibonacci, and below the 21 SMA and below the 200 EMA.
The EUR / USD stopped the decline in the 61.8% Fibonacci zone, this could be a sign that the pair could have a technical bounce towards the 21 SMA zone around 1.2101.
On the other hand, if it breaks yesterday's low at 1.2020, it could accelerate the decline to Murray's 2/8 at 1.1962.
Our recommendation is to buy above yesterday's low, and above the 61.8% Fibonacci, with targets at 1.2105, the long-term eagle indicator shows a bearish signal, so we must be careful to buy below 1.20.
Support And Resistance Levels For February 18 - 19, 2021
Resistance (1) 1.2086
Resistance (2) 1.2139
Resistance (3) 1.2179
Support (1) 1.2001
Support (2) 1.1965
Support (3) 1.1917
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Trading tip for EUR/USD for February 18 - 19, 2021
Buy above 1.2022 (61.8% of Fibonacci) with take profit at 1.2060 and 1.2105, stop los below 1.2000
Sell if breaks below 1.2010 with take profit at 1.1962 (2/8), stop loss above 1.2045.
Sell if pullback at 1.2105 (SMA 21) with take profit at 1.2060 and 1.2022, stop loss above 1.2150.
The material has been provided by InstaForex Company - www.instaforex.com