EUR/USD: Trade ideas for August 26
By Felipe Erazo
The EURUSD has not filled the bearish gap left open this week bacause of the the bad economic indicators in Germany and the resignation of the French's Prime Minister. So far the pair hasn't managed to rise to the resistance level of 1.3239, where is located the 50.0 Fibo level.
However, it is likely that the EURUSD perform a rebound at current levels and rise to the level of 1.3239 as part of a corrective move. On the other hand, if the EURUSD manages to make a breakout at the support level of 1.3170, the next target would be the level of 1.3128. The RSI indicator of keeps above the 30 level.
Trading recommendations: Place sell orders if the EURUSD does a breakout at the support level of 1.3170 with take profit at 1.3128 or if this pair does a pullback at the resistance level of 1.3239 with take profit at 1.3183.