H4
The EUR / USD pair fixed over the correction level of 61.8% at 1.1605 on the 4-hour chart. As a result on September 4, the process of growth of quotations can be continued in the direction of the next correction level of 76.4% at 1.1675. Brewing divergences are not observed in any indicator today. The consolidation of the pair below the Fibo level of 61.8% will work in favor of the US currency and the resumption of the decline in the direction of the correction level of 50.0% at 1.1546.
The Fibo grid was established on the boundaries from July 9, 2018 and August 15, 2018.
Daily
The pair continues the fall process in the direction of the correction level of 100.0% at 1.1553 on the 24-hour chart. The decline of the pair from the Fibo level of 100.0% will allow us to count on a turn in favor of the EU currency and some growth towards the correctional level of 76.4% at 1.1789. There are no maturing divergences today. Fixing the quotes below the Fibo level of 100.0% will increase the likelihood of a further decline in the direction of the next correction level of 127.2% at 1.1285.
The Fibo grid was established on the boundaries from November 7, 2017 and February 16, 2018.
Recommendations for traders:
Purchases of the EUR / USD pair will be possible with the target of 1.1675 with a Stop Loss order under the Fibo level of 61.8%, if the pair completes the closing above the correction level of 1.1605.
Sales of the EUR / USD pair can now be carried out with the target of 1.1546 with the Stop Loss order above the level of 1.1605, if the pair completes the closing at the Fibo level of 61.8%.
The material has been provided by InstaForex Company - www.instaforex.com