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The second test of the correction level of 100.0% - 1.1791 for the EUR / USD currency pair also ended with a rebound and a reversal in favor of the US currency. Thus, a new drop in quotations began in the direction of the correctional level of 76.4% - 1.1675. Also yesterday, the bearish divergence of the MACD indicator was formed, which together with the rebound from the Fibo level of 100.0% became a strong signal for sales. On September 25, there are no divergent divisions. The resumption of growth of the pair can be identified by closing quotations above the Fibo level of 100.0%.
The Fibo grid is built on extremes from July 9, 2018, and August 15, 2018.
Daily
On the 24-hour chart, the situation also tends to favor falling quotes. The pair's retracement from the Fibo level of 76.4% - 1.1789 worked in favor of the US currency. Thus, the drop in quotations can be continued in the direction of the correction level of 100.0%. The readings of the two graphs are the same. Brewing divergences are not observed on the current chart. The resumption of the growth of the pair can be identified by fixing the correctional level of 76.4%.
The Fibo grid is built on extremes from November 7, 2017, and February 16, 2018.
Recommendations for traders:
Purchases for the currency pair EUR / USD will be carried out with the aim of 1.1791 with Stop Loss order at the level of Fibonacci 76.4%, if the pair will perform a retreat from the correction level of 1.1675.
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 second retracement from the correction level of 1.1791 with the formation, this time, of a bearish divergence.
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