4h
The currency pair EUR / USD on the 4-hour chart fell to a correction level of 50.0% - 1.1546. September 10 is maturing bullish divergence in the CCI indicator. The education will allow the pair to turn in favor of the European currency and begin the growth process in the direction of the correction level of 61.8% - 1,1605. End of quotes from the level of Fibo 50.0% will similarly work in favor of the EU currency. The fixing of the exchange rate under the correction level of 50.0% will increase the probability of a further decline in the direction of the next Fibo level of 38.2% - 1.1490.
The Fibo grid is built on extremes from July 9, 2018, and August 15, 2018.
Daily
On the 24-hour chart, the pair made a return to the correction level of 100.0% - 1.1553. The pair's retreat from the Fibo level of 100.0% will allow traders to expect a turn in favor of the euro and some growth in the direction of the correctional level of 76.4% - 1.1789. Brewing divergences today is not observed in any indicator. Fixing the quotes below the Fibo level of 100.0% will work in favor of continuing the decline in the direction of the 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 pair will be possible for 1,1605 with a Stop Loss order below the Fibo level of 50.0% if the pair retires from the correction level of 1.1546, especially in conjunction with the bullish divergence.
Sales of the EUR / USD pair will be possible with the target of 1,1490 with a Stop Loss order above the Fibo level of 50.0% if the pair completes the closing at the level of 1.1546.
The material has been provided by InstaForex Company - www.instaforex.com