4h
The EUR / USD pair on the 4-hour chart reversed in favor of the EU currency, after the bullish divergence of the MACD indicator, and the fixation above the correction level of 38.2% - 1.1639. As a result, on July 19 the growth process can be continued in the direction of the next corrective level of 50.0% - 1.1680. There are no new brewing divergences today. The consolidation of the pair's rate under the Fibo level of 38.2% can be interpreted as a reversal in favor of the US currency and expect a resumption of the decline towards the corrective level of 23.6% - 1.1590.
The Fibo grid is built on the extremes of June 14, 2018 and June 21, 2018.
Daily
On the 24-hour chart, the pair continues the fall process in the direction of the correction level of 100.0% - 1.1553. The cutoff of quotes from the Fibo level of 100.0% will allow traders to count on a reversal in favor of the European currency and some growth in the direction of the correction level of 76.4% - 1.1789. Brewing divergences are not observed today. Fixing the pair at the Fibo level of 100.0% will increase the probability of further falling in the direction of 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:
Buy EUR / USD on July 19 can be with the target of 1,1680 with a Stop Loss level under the correction level of 38.2%, as there was a close above the level of 1.1639.
To sell the EUR / USD pair will be possible with the target of 1,1590, if the closing is carried out under the correction level of 38.2%, with a Stop Loss order above the Fibo level of 1.1639.
The material has been provided by InstaForex Company - www.instaforex.com