EUR/USD: Trade ideas for August 01
The EURUSD ends another week completely dominated by the bearish trend, because this pair could not overcome the resistance level of 1.3446, which coincides with the 23.6 Fibo level. Now, the EURUSD is finding support at the level of 1.3368, where is forming a bearish pattern. For today's session, the release of U.S. NFP is expected, so it is important to carefully trading this pair.
If the EURUSD takes a bullish rebound at current levels, it would be expected to make a retracement to the 50.0 Fibo level (1.3533) in the medium term, where the 200 EMA is located. This pair continue to fall if makes a breakout in the support level of 1.3368. The CCI indicator is showing a bullish divergence.
Trading recommendations: Close your current positions in this pair and it's advisable to wait for the next monday's session for see what will be the road of the EURUSD in the coming days.