EUR / USD - 4 H.
Good evening, dear traders! The EUR/USD currency pair on the 4-hour chart, continues the process of declining towards the correction levels of 23.6% - 1.1035 and 0.0% - 1.0993 which was already expected last Monday. Since a bearish divergence was formed and a rebound from the upper line of the downward trend range, the decline in quotes can continue. At the same time, I admit that another attempt will already be made to close the pair's course over the downward range either today or tomorrow. Thus, while I recommend selling the pair with the stated goals, but when closing above the range, they will recommend buying the euro-dollar pair. On the other hand, upcoming divergence is not observed today in any indicator. The informational background helped bear traders yesterday, as a strong index of business activity ISM in the manufacturing sector crossed out all other business activity indices in the eurozone and the USA and led to a growth in the dollar. Today, there are practically no economic reports, and thus, the pair's movement will be calm.
Forecast on EUR / USD and recommendations to traders:
The latest trading idea is to sell the pair when closing below the Fibo level of 38.2% - 1.1061 with targets at 1.1034 and 1.0992. The first of these goals was already completed yesterday, but now the pair is moving towards it again. The rebound of quotes from the level of 1.1035 will work in favor of the euro and the beginning of growth. However, I recommend buying the euro after the closing quotes over the downward range.
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