4h
The currency pair EUR / USD, despite the formation of two bullish divergences, the coming third and the rebound from the correction level of 23.6% - 1.1358, continues to hold near this Fibo level. A new rebound from the level of 23.6% or the formation of a bullish divergence at the MACD indicator will allow traders to count on a turn in favor of the EU currency and some growth in the direction of the Fibo level of 38.2% - 1.1446. Closing the pair below the correction level of 23.6% will increase the chances for the fall to continue in the direction of 1.1269.
The Fibo grid is built on extremes from September 24, 2018, and November 12, 2018.
Daily
On the 24-hour chart, the fall in quotations continues in the direction of the correctional level of 127.2% - 1.1285. Resetting the pair from this level will allow traders to expect a reversal in favor of the European currency and the beginning of growth towards the correction level of 100.0% - 1.1553. Fixing quotes below the Fibo level of 127.2% will make it possible to count on 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:
Purchases of the currency pair EUR / USD can be made with the target of 1.1446 and a Stop Loss order under the level of 23.6% if the pair performs a new rebound from the correction level of 1.1358, especially in conjunction with bullish divergence.
Sales of the currency pair EUR / USD can be carried out with the target 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