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EURUSD- Is It Now Time To Sell This Pair?

September 16, 2021
Frank Cabibi

9/16/2021

The Euro-Dollar pair is down over 0.5% today after several days in the red. Today's speech by EU president Lagarde mentioned how the economic recovery had come quicker than expected six months ago. This was praised by the prompt vaccine distribution so citizens could get back to work. Across the pond, the US just saw a slowing in inflation and an increase in retail sales which were expected to be negative this month. Both sides seem to be recovering well.

Our outlook

The USD looks like it could be the better play here because at least investors are getting hints as to approximately when the Fed will start tapering and raising rates. Lagarde said that Europe is far from recovery, but they are impressed with the pace so far. However, whatever has been said so far, it doesn't seem like investors are taking this all too well and are flocking to the USD today. The pair's general price action has also been relatively weak for the past three months.

Trade Setups

EURUSD

EU fell under its 50 DMA and is on support around 1.75400s. If price breaks this level, it could be a catalyst of another significant drop. If this level of support does not break, there could be more consolidation between this support and resistance level.

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