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4h
On the 4-hour chart, the EUR/USD pair performed fixation above the correction level of 100.0% - 1.1508. Thus, the process of growth of quotations may resume on August 21 towards the next correctional level of 76.4% - 1.1576. Brewing divergences today is not noticeable in any indicator. The pair's retracement from the Fibo level of 76.4% will allow traders to expect a reversal in favor of the US currency and a slight drop towards the correction level of 100.0%. Securing the pair under the Fibo level of 100.0% can be treated similarly as a reversal in favor of the US dollar.
The Fibo grid is built on extremes from June 21, 2018 and July 9, 2018.
Daily
On the 24-hour chart, the quotations performed growth to the corrective level of 100.0% - 1.1553. The pair's retracement from the Fibo level of 100.0% will allow us to count on a reversal in favor of the US currency and the resumption of the decline towards the correction level of 127.2% to 1.1285. There are no developing divergences today. Fixing the quotes above the Fibo level of 100.0% will increase the chance of the pair to continue growing towards the next correction level of 76.4% - 1.1789.
The Fibo grid is built on extremes from November 7, 2017 and February 16, 2018.
Recommendations for traders:
Purchases of the EUR/USD pair can be carried out with a target of 1.1576 and a stop loss order under the Fibo level of 100.0%, since the pair completed the closing above the correction level of 1.1508.
The EUR/USD pair can be open with a target at 1.1431 if the pair completes the 100.0% Fibo close, with a Stop Loss order above 1.1508.
* The presented market analysis is informative and does not constitute a guide to the transaction.
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