4h
The third test for the strength of the corrective level of 100.0% - 1.1791 failed again. In addition to the rebound from this level of Fibo, a bearish divergence was formed in the CCI indicator, which also worked in favor of the US currency. As a result, on September 26, the process of falling quotations can be continued in the direction of the correction level of 76.4% - 1.1676. Fixing the quotes of the pair above the Fibo level of 100.0% will allow traders to expect a resumption of growth in the direction of the correction level of 127.2% to 1.1927.
The Fibo grid is built on extremes from July 9, 2018, and August 15, 2018.
Daily
On the 24-hour chart, the currency pair EUR / USD continues to trade near the correctional level of 76.4% - 1.1789. Quit of the pair quotes from this level will allow us to count on a reversal in favor of the US dollar and a slight drop towards the correction level of 100.0% - 1.1553. Brewing divergences are not observed today. Fixing the pair's rate above the Fibo level of 76.4% will increase the pair's chances of continuing growth towards the next correction level of 61.8% - 1.1938.
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 goal of 1.1927 with a stop loss order under the Fibo level of 100.0% if the pair completes the closing above the correction level of 1.1791.
The EUR / USD currency pair can now be traded with a target of 1.1675 with a Stop Loss order above the Fibo level of 100.0%, as the pair completed the third retracement from the correction level of 1.1791 with the formation of the second bearish divergence.
The material has been provided by InstaForex Company -
www.instaforex.com