4h
The EUR / USD pair on the 4-hour chart executed the fixation under the correction level of 50.0% to 1.1680 and continues the decline to the corrective level of 38.2% to 1.1639, after the bearish divergence of the MACD indicator. Quit of quotations from the level of Fibo 38.2% will allow traders to expect a turn in favor of Euro and some growth in the direction of the correction level of 50.0%. On August 2, there are no maturing divergences. Fixing the pair under the Fibo level of 38.2% will work in favor of continuing the fall in the direction of the correction level of 23.6% - 1.1590.
The Fibo grid is built on the extremes of June 14, 2018, and June 21, 2018.
Daily
On the 24-hour chart, the pair's quotes remain clamped between correction levels of 76.4% to 1.1789 and 100.0% to 1.1553. Signals to the reversals are still not there. The rebound of quotes from the Fibo level of 76.4% will allow us to count on a reversal in favor of the US dollar and a slight drop towards the correction level of 100.0%. Brewing divergences are not observed today. The consolidation of the pair's rate below the Fibo level of 100.0% will increase the chances of the pair to further fall towards the next correction level of 127.2% - 1.1285.
The Fibo grid is built on extremes from November 7, 2017, and February 16, 2018.
Recommendations for traders:
Purchases of the EUR / USD pair will be possible with the goal of 1.1680 and the Stop Loss level under the correction level of 38.2%, if there is a retreat from the Fibo level of 1.1639.
To sell the EUR / USD pair will be possible with the target of 1,1590, if the closing is carried out under the correction level of 38.2%, with a Stop Loss order above the level of 1.1639.
The material has been provided by InstaForex Company - www.instaforex.com