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Trading Signal for EUR/USD for August 19 - 20, 2021: Buy above 1.1670

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Yesterday, the minutes of the FOMC were published. In summary, they signal a reduction of assets purchases. After receiving this information, investors sold euros and bought dollars until the end of the American session.

Analyzing the background of the FOMC minutes, we can conclude that if the Fed actually reduces its bond purchase program this year and prints fewer dollars, USDX could strengthen against other currencies and the euro could fall to the level of 1.15 in the short term.

However, the US economic recovery may not be strong enough to carry out this plan in the coming months and could be postponed because August consumer confidence plunged below pandemic lows and Retail sales figure seriously disappointed investors in July. In addition, the Delta variant of Covid-19 continues to affect the economic recovery.

According to the 1-hour chart, we can see that EUR/USD has fallen to the -1/8 murray support level around 1.1665, forming a downtrend channel and is rebounding from the bottom of the channel.

The euro is approaching the key level of 21 SMA. If it manages to consolidate above 1.1695, it could continue the technical rebound to the top of the bearish channel around 1.1745.

In addition, the 200 EMA acts as a strong resistance. Yesterday, with the first reaction of the market to the FOMC minutes, the euro made a price jump reaching 1.1742 (200 EMA). It fell back from there due to strong resistance and retreated to the low of 1.1665 (-1/8).

On the other hand, if the downward pressure leads it to test the -1/8 murray support around 1.1670 again and if the euro consolidates around this level, it will be a good opportunity to buy with the targets at 1.1718 and 1.1745 (EMA 200).

The eagle indicator is showing a bullish signal which supports our bullish outlook for the next few days.

Support and Resistance Levels for August 19 - 20, 2021

Resistance (3) 1.1762

Resistance (2) 1.1733

Resistance (1) 1.1713

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Support (1) 1.1664

Support (2) 1.1632

Support (3) 1.1618

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Trading tip for EUR/USD for August 19 - 20, 2021

Buy if there is a rebound at 1.1670 (-1/8), with take profit at 1.1718 and 1.1745 (EMA 200), stop loss below 1.1635.

Buy above 1.1695 (SMA 21), with take profit at 1.1718 and 1.1745 (EMA 200), stop loss below 1.1649.

The material has been provided by InstaForex Company - www.instaforex.com