4h
The EUR / USD pair on the 4-hour chart completed the second reversal in favor of the European currency, after the rebound from the level of 1.1269 and the formation of bullish divergence. Thus, the pair now has a certain chance of growth in the direction of the correctional level of 23.6% - 1.1358. The ripening divergences on February 15 are not observed in any indicator. Closing quotes for low divergence will work in favor of resuming the fall of the pair in the direction of the Fibo level of 0.0% - 1.1219.
The Fibo grid was built on extremums from September 24, 2018, and November 12, 2018.
Daily
On the 24-hour chart, the pair made a return to the Fibo level of 127.2% - 1.1285 and threatens to close under it. Fixing the pair under this level will work in favor of the US dollar and continuing the fall of quotations in the direction of the next correction level of 161.8% - 1.0941. Rebounding from the Fibo level of 127.2% will allow traders to expect a reversal in favor of the EU currency and some growth in the direction of the correction level of 100.0% - 1.1553.
The Fibo grid is built on extremums from November 7, 2017, and February 16, 2018.
Recommendations to traders:
Purchases of the EUR / USD pair can be carried out now with the goal of 1.1358, as the pair completed the closing above the level of 1.1269 (with the formation of bullish divergence), and the Stop Loss order below this level.
Sales of the EUR / USD pair can be carried out with a target of 1.1219, if the pair closes under a bullish divergence low, and a Stop Loss order above the level of 1.1269.
The material has been provided by InstaForex Company - www.instaforex.com