4h
The EUR / USD pair on the 4-hour chart resumed the process of falling yesterday and completed the close under the correction level of 100.0% - 1.1218 on the new Fibo level grid. Thus, on March 8, the process of falling quotations can be continued in the direction of the next Fibo level of 127.2% - 1.1120. There are no emerging divergences today. The rebound of the pair from the Fibo level of 127.2% will work in favor of the EU currency and some growth in the direction of the correctional level of 100.0%.
The Fibo grid is built on extremums from November 12, 2018, and January 10, 2019.
Daily
On the 24-hour chart, the pair completed a close below the Fibo level of 127.2% - 1.1285. As a result, the fall in quotations continues in the direction of the next correction level of 161.8% - 1.0941. Maturing divergences in the current chart are not observed in any indicator. Closing quotations above the Fibo level of 127.2% can be interpreted as a reversal in favor of the European currency and we can expect 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 made with the target of 1.1299 if the pair closes above the level of 1.1216, and the Stop Loss order with a correction level of 100.0%.
Sales of the EUR / USD pair can be carried out now with the target of 1.1120, and with a Stop Loss order above the level of 1.1216, since the pair completed closing below the Fibo level of 100.0%.
The material has been provided by InstaForex Company - www.instaforex.com