4h
The currency pair EUR / USD on the 4-hour chart executed a turn in favor of the US currency and consolidation under the correction level of 76.4% - 1.1675. As a result, the process of falling can continue on September 17 towards the next corrective level of 61.8% - 1.1605. Quit of quotations from the level of Fibo 61.8% will allow to expect a turn in favor of the currency of the EU and some growth in the direction of the correction level of 76.4%. Brewing divergences are not observed. Fixing the rate under the Fibo level of 61.8% will increase the probability of further decline towards the next correction level of 50.0% - 1.1546.
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 Fibo level of 100.0% - 1.1553, the growth process can be continued in the direction of the correction level of 76.4% - 1.1789. Brewing divergences are still not present in any indicator. The fall of the pair's rate 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 corrective level of 100.0%. Fixing the quotes below the Fibo level of 100.0% will increase the chances of continuing the decline 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 currency pair can be carried out with the target of 1.1675 with a Stop Loss order under the Fibo level of 61.8% if the pair retires from the correction level of 1,1605.
New sales of the EUR / USD currency pair will be possible with the target of 1.1546 with a Stop Loss order above the Fibo level of 61.8% if the pair completes the closing at the level of 1.1605.
The material has been provided by InstaForex Company - www.instaforex.com