4h
The currency pair EUR / USD 4-hour chart has performed a retreat from the correction level of 100.0% - 1.1791 and turning in favor of the US currency. As a result, on September 24, the process of falling can be continued in the direction of the correction level of 76.4% - 1.1675. Today, there is no visible divergence in any indicator. Hang up quotes on the level of Fibonacci 76.4% will allow traders to expect a reversal in favor of the EU currencies and a slight increase towards the 100.0% correction level.
The Fibo grid is built on extremes from July 9, 2018, and August 15, 2018.
Daily
On the 24-hour chart, the pair's quotes increased to a correction level of 76.4% - 1.1789 and a cut-off from it. As a result, a reversal was made in favor of the US dollar and the process of falling towards the corrective level of 100.0% - 1.1553 began. Brewing divergences are not observed in any indicator. The consolidation of the rate over the Fibo level of 76.4% will work in favor of resuming growth towards the corrective level of 61.8% - 1.1938.
The Fibo grid is built on extremes from November 7, 2017, and February 16, 2018.
Recommendations for traders:
Purchases for the currency pair EUR / USD will be carried out with the aim of 1.1791 with Stop Loss order at the level of Fibonacci 76.4%, if the pair will perform a retreat from the correction level of 1.1675.
Selling of the currency pair EUR / USD can be done now with the aim of 1.1675 with Stop Loss order at the level of Fibonacci 100.0%, as the pair completed a retreat from the correction level of 1.1791.
The material has been provided by InstaForex Company - www.instaforex.com