Overview:
- According to the previous events, the EUR/USD pair is still moving between 1.1144 and 1.1237. The levels of 1.1144 and 1.1237 will represent a ratio of 23.6% Fibonacci retracement levels and the double top respectively. It should be noted that the key level is set at 1.1190 (key level). Equally important, the resistance is found in the area of 1.1279 and 1.1293. We can sell below 1.1279 and 1.1293 with the first target of 1.1144 in order to retest the double bottom again. Moreover, it will call for a downtrend to continue its bearish movement towards 1.1115. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above the last bearish wave (1.1290) at the price of 1.1302.
Alternative scenario:
- Outlook for the EUR/USD pair for September 10, 2015, is bullish
- Buy above the level of 1.1212 in the short term with the first target of 1.1237 (the double bottom). If the trend breaks the double bottom at 1.1237, it might resume to 1.1280
