EURUSD Technical Analysis and Forecast September 13th

Fundamentals:

OUR idea has not been changed on EURUSD. Consolidation and bullish again. But has consolidation been completed or not yet?

EURUSD has been trading within a range over the last 24 hours as the dollar holds steady across the board. There was not much data from the Eurozone or the US during the day yesterday and this was evident in the way that the different pairs consolidated during the last 24 hours. The Euro did weaken for a brief while on the back of some dollar strength but it has since recovered and continues to trade in a steady manner as of this morning.

The euro did have an uneventful day during trading yesterday and there was a brief period when it did drop to as low as 1.1926 on the back of some serious dollar strength as the US session began. But the euro managed to recover and it would be a source of joy for the euro bulls as it closed the day well above 1.1950 and this bullish close and the continuation of that bullish trend as of this morning should augur well for the euro bulls as of today.

EURUSD Technical Analysis :

EURUSD holds above our red uptrend line and MA12 support. And it is above the pivot – reverse ( major  8/8 ) of Murrey Math Line at 1.19600. RSI  and MACD is bullish.

EURUSD H4 Chart :

Price reversed from Fibonacci Retracement 38.20% at 1.192400. This level will be our today’s support level. Current price is 1.19810 at Fibonacci Retracement 61.80%.

Price can move back to 1.19510 of Fibonacci Retracement 50% or test 1.20000 again in a few hours.

Our idea has not been changed. All pullbacks are buy opportunities. Pullback levels for entering LONG trades are 1.19500, 1.19200.

Profit realisation levels are 1.19800, 1.20150

Good Luck

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