4h
The EUR / USD currency pair rebounded from the correction level of 61.8% - 1.1497 and reversed in favor of the US dollar. As a result, the pair dropped to the Fibo level of 76.4% - 1.1422. The end of November 8 quotes from the correction level of 76.4% will allow traders to expect a reversal in favor of the EU currency and some growth towards the correction level of 61.8%. The ripening divergences today are not observed in any indicator. Fixing the rate of the pair below the Fibo level of 76.4% will increase the chances of continuing falling towards the next correction level of 100.0% - 1.1303.
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 continues to grow in the direction of the correction level of 100.0% - 1.1553. Rebounding the pair's quotations from the Fibo level of 100.0% will make it possible to count on a reversal in favor of the US currency and a slight drop in the direction of the correction level of 127.2% - 1.1285. There are still no divergences on the current chart. Fixing the pair above the Fibo level of 100.0% will increase the probability of further growth in the direction of the next correction level of 76.4% - 1.1789.
The Fibo grid 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 1.1497 and a Stop Loss order below the Fibo level of 76.4% if the pair bounces the correction level of 1.1422.
The EUR / USD currency pair can be sold with the target of 1.1303 with a Stop Loss order above the Fibo level of 76.4% if the pair closes below the correction level of 1.1422.
The material has been provided by InstaForex Company - www.instaforex.com