4h
The currency pair EUR / USD on the 4-hour chart has made a callback from the correction level of 50.0% to 1.1546 and an increase to the correction level of 61.8% to 1.1605. The end of the quotes on September 11 from the Fibo level of 61.8% will allow us to count on a reversal in favor of the US dollar and a slight drop towards the correction level of 50.0%. Brewing divergences are not observed today. Fixing the pair above the Fibo level 61.8% will increase the chances for further growth in the direction of the next correction level of 76.4% - 1.1675.
The Fibo grid is built on extremes from July 9, 2018, and August 15, 2018.
Daily
On the 24-hour chart, the pair made a return to the Fibo level of 100.0% - 1.1553 and a retreat from it. As a result, the quotes of the pair executed a turn in favor of the European currency and began the process of growth towards the correctional level of 76.4% - 1.1789. There are no maturing divergences in any indicator. The consolidation of the pair's rate below the Fibo level of 100.0% can be interpreted as a reversal in favor of the US currency and expect a resumption of the decline in the direction of the correction level of 127.2% to 1.1285.
The Fibo grid is built on extremes from November 7, 2017, and February 16, 2018.
Recommendations for traders:
New purchases of the EUR / USD pair can be carried out with the goal of 1.1675 with a Stop Loss order under the Fibo level of 61.8% if the pair completes closing above the correction of 1.1605.
Sales of the EUR / USD pair will be possible with the goal of 1.1546 with a Stop Loss order above the Fibo level of 61.8% if the pair retires from the level of 1.1605.
The material has been provided by InstaForex Company - www.instaforex.com