4h
The EUR / USD currency pair consolidated above the correction level of 100.0% - 1.1303 after the formation of a bullish divergence in the CCI indicator. As a result, the growth process can be continued on November 15 in the direction of the next Fibo level of 76.4% - 1.1423. There is no indicator of the emerging divergences today. Fixing quotes under the correction level of 100.0% will work in favor of the American currency and resuming the fall in the direction of the correctional level of 127.2% - 1.1162.
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 also made a U-turn in favor of the euro currency and a close above the Fibo level of 127.2% - 1.1285. Thus, traders can expect an increase in the direction of the correctional level of 100.0% - 1.1553. Fixing the pair below the Fibo level of 127.2% again allows us to expect a reversal in favor of the US currency and a resumption of decline in the direction of the correction level of 161.8% - 1.0941.
The Fibo grid is built on extremums from November 7, 2017, and February 16, 2018.
Recommendations to traders:
Purchases of the EUR / USD currency pair can be made now with a target of 1.1423 and a Stop Loss order below the Fibo level of 100.0%, since the pair completed the closing above the level of 1.1303.
Selling of the EUR / USD pair will be possible with the target of 1.1162 with a Stop Loss order above the Fibo level of 100.0% if the pair closes below the correction level of 1.1303.
The material has been provided by InstaForex Company - www.instaforex.com