On the 24-hour chart, the pair consolidated above the correction level of 127.2% - 1.1285. Thus, the pair will continue its growth in the direction of the next Fibo level of 100.0% - 1.1553. Closing below the level of 127.2% could be viewed as a trend reversal in favor of the US dollar. Besides, the pair could decline in the direction of the correction level of 161.8% - 1.0941. None of indicators shows emerging divergences today.
The Fibo grid is built on the ground of extremums from November 7, 2017, and February 16, 2018.
Trading recommendations:
Now traders can open long positions on EUR / USD with a target of 1.1351 as the pair closed above the level of 1.1299. Stop loss could be placed under the correction level of 76.4%.
Besides, tarders can consider short deals on EUR / USD with a target of 1.1216 provided that the pair closes below 1.1299. Stop loss order could be set above the Fibo level of 76.4%.
The material has been provided by InstaForex Company - www.instaforex.com