4h
The EUR / USD currency pair closed below the correction level of 100.0% - 1.1303. As a result, the process of falling quotations continues on November 13 in the direction of the next correction level of 127.2% - 1.1162. Also today, bullish divergence is brewing at the CCI indicator. The education will allow us to count on a turn in favor of the European currency and a return to the Fibo level of 100.0%. Reversal of quotes from the correction level of 127.2% will similarly work in favor of the beginning of the pair's growth.
The Fibo grid is built on extremes from August 15, 2018, and September 24, 2018.
Daily
On the 24-hour chart, the EUR / USD currency pair consolidated below the Fibo level of 127.2% - 1.1285. Thus, traders expect a continuation of the reduction of quotations in the direction of the next correction level of 161.8% - 1.0941. There are no maturing divergences on the current chart. Fixing the pair above the Fibo level of 127.2% can be interpreted as a reversal in favor of the European currency and count on some growth in the direction of the correction level of 100.0% - 1.1553.
The Fib net is built on extremums from November 7, 2017, and February 16, 2018.
Recommendations to traders:
You can make purchases of the EUR / USD currency pair with a target of 1.1303 and a Stop Loss order below the Fibo level of 127.2% if the pair bounces the correction level of 1.1162 or after the formation of a bullish divergence with the Stop Loss under its low.
The EUR / USD currency pair can be sold now with a target of 1.1162 with a Stop Loss order above the Fibo level of 100.0%, as the pair closed below the correction level of 1.1303 and hold them until a bullish divergence is formed.
The material has been provided by InstaForex Company - www.instaforex.com