Analysis of EUR / USD Divergences on August 29. Is the Euro-currency growth complete?

4h

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The EUR / USD pair on the 4-hour chart reversed in favor of the US currency and returned to the correction level of 76.4% - 1.1675 after the bearish divergence of the CCI indicator. Quit on August 29 from the Fibo level of 76.4% will allow traders to expect a turn in favor of the EU currency and resumption of growth towards the corrective level of 100.0% - 1.1791. The consolidation of the pair's rate below the Fibo level of 76.4% will increase the chances of the pair to further fall in the direction of the next correction level of 61.8% to 1.1605.

The Fibo grid is built on extremes from July 9, 2018 and August 15, 2018.

Daily

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On the 24-hour chart, the pair continues the growth process towards the correctional level of 76.4% - 1.1789. The breakdown of the pair from the correction level of 76.4% will allow us to count on a reversal in favor of the US dollar and a slight drop towards the Fibo level of 100.0% - 1.1553. Brewing divergences in this chart are not observed in any indicator. The closing of quotes above the correction level of 76.4% will work in favor of further growth of the pair in the direction of the next level Fibo 61.8% - 1.1938.

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 target of 1,1791 with a stop loss order under the Fibo level of 76.4% if the pair retires from the correction level of 1.1675.

Sales of the EUR / USD pair will be possible with the target of 1,1605 if the pair completes the closing under the Fibo level of 76.4%, with a Stop Loss order above 1.1675.

The material has been provided by InstaForex Company - www.instaforex.com