4h
The currency pair EUR / USD continues the process of falling in the direction of the correctional level of 23.6% - 1.1358. Rebounding the quotations of the pair on January 17 from the Fibo level of 23.6% will allow traders to expect a reversal in favor of the euro currency and some growth in the direction of the correction level of 38.2% - 1.1446. The bullish divergence of the MACD indicator is still maturing, which increases the chances of a turn in the near future in favor of the EU currency. Closing the pair below the Fibo level of 23.6% will work in favor of continuing to fall towards the next level of 1.1269.
The Fibo grid is built on extremes from September 24, 2018, and November 12, 2018.
Daily
On the 24-hour chart, after quitting the quotes from the correction level of 100.0% - 1.1553, it continues to fall in the direction of 127.2% - 1.1285. None of the indicators have maturing divergence on the current chart. Rebounding the pair from the Fibo level of 127.2% will make it possible to expect a reversal in favor of the euro and some growth in the direction of the correction level of 100.0%. Fixing below the Fibo level of 127.2% will increase the probability of a further fall in the direction of the next 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:
You can make purchases of the EUR / USD currency pair with a target of 1.1446 and a Stop Loss order below the Fibo level of 23.6% if the pair bounces off the level of 1.1358 or a bullish divergence is formed.
New sales of the EUR / USD currency pair will be possible with the goal of 1.1269 with a Stop Loss order above the Fibo level of 23.6% if the pair consolidates below the level of 1.1358.
The material has been provided by InstaForex Company - www.instaforex.com