EUR/USD: Trade ideas for Sep. 16
The EURUSD has found strong resistance at the level of 1.2979, where the 200 EMA (green line) is located. Now, this pair is trying to perform a bearish retracement, so currently, the EURUSD has made a rebound above the level of 1.2919, where is located the 61.8 Fibo level.
If the EURUSD manages to make a breakout at the level of 1.2919, the next target would be the support level of 1.2883, which would mean a bearish consolidation in the medium term for this pair. However, if the EURUSD manages to make a breakout at the level of 1.2956, it's expected to rise to the level of 1.2979. The RSI indicator stays in neutral territory.
Trading recommendations: Place buy orders if the EURUSD does a rebound at the support level of 1.2931 with take profit at 1.2979.