EUR/USD - Daily.
As seen on the 24-hour chart, the EUR/USD pair is located near the upper line of the downward trend corridor. I have already voiced a trading idea related to a breakout or rebound from this line. The future fate of the euro-dollar in the coming weeks will depend on the behavior of the pair's quotes near this line, since the corridor is quite long and, therefore, strong. Thus, according to this trading idea, traders are advised to wait for a rebound or breakout, and then open the corresponding positions.
EUR/USD - 4H.
As seen on the 4-hour chart, the EUR /USD pair performed a return to the correction level of 61.8% (1.1195) on the Fibonacci grid, built on the extremes of December 31 and January 3. Thus, the rebound of the pair from the Fibo level of 61.8% worked in favor of the US currency. The fall resumed in the direction of the lower line of the main upward trend corridor. Thus, traders can expect the pair to fall in the direction of the level of 1.1125 today and tomorrow. There are no pending divergences in any indicator at the moment.
Forecast for EUR/USD and trading recommendations:
The long-term trading idea remains in force, so it is recommended to wait for the rebound or breakout of the designated corridor line, after which traders will get goals for growth or fall by about 200 points.
According to the second trading idea, it is recommended to sell the pair with the goal of 1.1125 and the Stop Loss level above the peak of the pullback near the correction level of 61.8% (1.1195), that is, just above the level of 1.1206.
