4h
The currency pair EUR / USD, after the formation of a bearish divergence, completed a fall towards the level of 1.1269. A new bullish divergence at the CCI indicator allowed the pair to make a turn in favor of the EU currency and start growing in the direction of the correction level of 23.6% - 1.1358. Rebounding the pair from the Fibo level of 23.6% will make it possible to expect a reversal in favor of the American currency and a resumption of decline in the direction of the level of 1.1269.
The Fibo grid was built on extremums from September 24, 2018, and November 12, 2018.
Daily
On the 24-hour chart, the pair fell to the correctional level of 127.2% - 1.1285. Quoting quotes on January 25 from this level will allow us to count on a turn in favor of the euro currency and some growth in the direction of the Fibo level of 100.0% - 1.1553. There are no maturing divergences on the current chart. Closing the pair below the correction level of 127.2% will increase the chances for 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 carried out with the target of 1.1358, as bullish divergence has formed, and a Stop Loss order under the low of this divergence.
Sales of the currency pair EUR / USD will be possible with the goal of 1.1269 with a Stop Loss order above the Fibo level of 23.6% if the pair bounces off the level of 1.1358.
The material has been provided by InstaForex Company - www.instaforex.com