4h
The EUR / USD currency pair continues to grow in the direction of the correctional level of 76.4% - 1.1423. Rebounding the pair from the Fibo level of 76.4% will allow traders to count on a turn in favor of the US currency and a slight drop in the direction of the correction level of 100.0% - 1.1303. The ripening divergence on December 19 is not observed. Fixing quotations above the Fibo level of 76.4% will increase the pair's chances for further growth in the direction of the next correction level of 61.8% - 1.1497.
The Fibo grid is built on extremes from August 15, 2018, and September 24, 2018.
Daily
On the 24-hour chart, the currency pair rebounded from the Fibo level of 127.2% - 1.1285 and a turn in favor of the European currency. As a result, the quotes growth process can be continued in the direction of the next correction level of 100.0% - 1.1553. None of the indicators have ripening divergences. Fixing the pair below the Fibo level of 127.2% will work in favor of the American dollar and will allow us to expect a resumption of the fall 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 held with the target of 1.1423 and a Stop Loss order below the Fibo level of 100.0% since the pair completed the closure above the level of 1.1303.
Sales of the EUR / USD currency pair can be carried out with the target of 1.1303 with a Stop Loss order above the Fibo level of 76.4% if the pair bounces off the correction level of 1.1423 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com