4h
The EUR / USD currency pair on the 4-hour chart made a return to the correction level of 127.2% - 1.1431. Quit of quotes from the correction level of 127.2% will allow traders to count on the pair's turn in favor of the US currency and the resumption of falling towards the level of Fibo 161.8% - 1.1333. On August 14, there are no visible divergences. Strengthening the rate above the correction level of 127.2% will increase the probability of continuing growth towards the next Fibo level of 100.0% - 1.1508.
The Fibo grid is built on extremes from June 21, 2018, and July 9, 2018.
Daily
On the 24-hour chart, the pair performed fixing under the correction level of 100.0% - 1.1553. Thus, the drop in quotations can be continued in the direction of the next correction level of 127.2% - 1.1285. Brewing divergences today is not observed in any indicator. The rebound of quotations from the Fibo level of 127.2% will allow us to expect a turn in favor of the European currency and some growth towards the correction level of 100.0%, while the closing below the Fibo level of 127.2% will work in favor of further decline.
The Fibo grid is built on extremes from November 7, 2017 and February 16, 2018.
Recommendations for traders:
Purchases of the EUR / USD pair will be possible for 1,1508 with a Stop Loss order below the Fibo level of 127.2% if the pair completes the closing above the correction level of 1.1431.
Sales of the EUR / USD pair can now be opened with the target of 1.1333, as the pair retired from the Fibo level of 127.2%, with a Stop Loss order above 1.1431.
The material has been provided by InstaForex Company - www.instaforex.com