EUR/USD: Trade ideas for August 11
The EURUSD is trying to stay above the 200 EMA, where currently the pair is finding support and which coincides with the 100.0 Fibo extension level (1.3400). If the EURUSD manages to make a breakout at the 1.3423 level, it would be expected to rise to the level of 1.3461, where the 500 EMA is located, which would be very likely since this pair is forming a bullish pattern.
On the other hand, the EURUSD could make a pullback at current levels and fall to the support level of 1.3332, but we can see that the EURUSD is making a bullish retracement in the medium term, so this pair could rise to the resistance level of 1.3551, where the 61.8 Fibo level is located. The CCI indicator is pointing downward and toward the -100 level.
Trading recommendations: Put buy orders if the EURUSD does a breakout at the resistance level of 1.3423, with take profit at 1.3461.