4h
The EUR / USD currency pair on the 4-hour chart reversed in favor of the US currency, after the bearish divergence of the MACD indicator was formed, and the fixation under the correction level of 76.4% was 1.1675. As a result, on September 19, the process of falling quotations can be continued in the direction of the next correctional level of 61.8% - 1.1605. The consolidation of the pair's rate above the Fibo level of 76.4% can be interpreted as a turn of the pair in favor of the EU currency and expect some growth in the direction of the corrective level of 100.0% - 1.1791.
The Fibo grid is built on extremes from July 9, 2018, and August 15, 2018.
Daily
On the 24-hour chart, after the rebound from the correction level of 100.0% - 1.1553, the growth of quotations can be continued in the direction of the Fibo level of 76.4% - 1.1789. Brewing divergences are still not observed. The pair's retracement from the correction level of 76.4% will allow traders to count on a reversal in favor of the US currency and a slight drop towards the Fibo level of 100.0%. Fixing the quotes under the correction level of 100.0% will increase the probability of further falling in the direction of the next Fibo 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 currency 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 completes the closing above the correction level of 1.1675.
The EUR / USD currency pair can now be traded with a target of 1.1605 with a Stop Loss order above the Fibo level of 76.4%, since the pair completed the closing at the level of 1.1675 with the formation of a bearish divergence.
The material has been provided by InstaForex Company - www.instaforex.com