4h
The currency pair EUR / USD on the 4-hour chart cleared the correction level of 50.0% to 1.1546 and reversed in favor of the European currency after the bullish divergence of the CCI indicator. As a result, the pair performed growth to the level of Fibo 61.8% - 1,1605. Quit of quotations from the correction level of 61.8% will allow counting on a turn in favor of the US currency and a return to Fibo level of 50.0%. Fixing the pair above the correction level of 61.8% will work in favor of further growth in the direction of the next correctional level of 76.4% - 1.1675.
The Fibo grid is built on extremes from July 9, 2018, and August 15, 2018.
Daily
On the 24-hour chart, the pair fell to a correction level of 100.0% - 1.1553. The fall of quotes of the pair from the Fibo level of 100.0% will allow traders to expect a turn in favor of the European currency and some growth in the direction of the correction level of 76.4% - 1.1789. Brewing divergences today can not be seen in any indicator. The consolidation of the exchange rate under the correction level of 100.0% will increase the chances of continuing the fall towards 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:
New purchases of the EUR / USD currency pair will be possible with the target of 1.1675 with a Stop Loss order below the Fibo level of 61.8% if the pair completes the closing above the correction level of 1.1605.
Sales of the EUR / USD currency pair can now be implemented with the target of 1.1546 if the pair retreats from the Fibo level of 61.8%, with a Stop Loss order above 1.1605.
The material has been provided by InstaForex Company - www.instaforex.com