4h
The currency pair EUR / USD completed the fall to a correction level of 23.6% - 1.1358. The end of the pair's course from this Fibo level will allow traders to count on a reversal in favor of the European currency and some growth in the direction of the correction level of 38.2% - 1.1446. Also today, bullish divergence is brewing at the MACD indicator. The education may coincide with the rebound from the level of 23.6%. Closing quotes below the Fibo level of 23.6% will work in favor of continuing to fall towards the 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, the currency pair reversed in favor of the US dollar and began the process of falling towards the Fibo level of 127.2% - 1.1285. Rebounding the pair from the correction level of 127.2% will allow traders to expect a reversal in favor of the EU currency and the beginning of a new growth towards the level of 100.0% - 1.1553. There are no maturing divergences on the current chart. Closing the pair 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:
Purchases of the currency pair EUR / USD can be carried out with the target of 1.1446, if the pair rebounds from the correction level of 23.6%, and with a Stop Loss order at 1.1358, especially in conjunction with the formation of bullish divergence.
New sales of the currency pair EUR / USD will be possible with the goal of 1.1269 if the pair closes below the level of 1.1358, and a Stop Loss order above the level of 1.1358.
The material has been provided by InstaForex Company - www.instaforex.com