4h
On the 4-hour chart, the EUR/USD pair completed closing above the retracement level of 38.2% (1.1328). As a result, on March 20, the pair is expected to continue to grow in the direction of the next retracement level of 50.0% (1.1374). Quoting quotes from the 50.0% level will allow traders to count on a reversal in favor of the US currency and a return to the Fibo level of 38.2%. Fixing the pair over the retracement level of 50.0% will increase the chances for further growth in the direction of the Fibo level of 61.8% (1.1420).
The Fibo grid is based on extremums of January 10, 2019, and March 7, 2019.
Daily
As seen on the 24-hour chart, after fixing the quotations above the Fibo level of 127.2% (1.1285), the pair continues the sluggish growth process in the direction of the retracement level of 100.0% (1.1553). Today, there are no emerging divergences observed on the current chart. Closing the pair below the Fibo level of 127.2% will work in favor of the American currency and resuming the fall in the direction of the retracement level of 161.8% (1.0941).
The Fibo grid is based on extremums of November 7, 2017, and February 16, 2018.
Trading recommendations:
Buy deals on EUR / USD pair can be opened with the target at 1.1374, as the pair completed closing above the level of 1.1328. The stop-loss order should be placed under the retracement level of 38.2%.
Sell deals on EUR / USD pair can be carried out with the target at 1.1269 if the pair completes consolidation below the level of 1.1328. The stop-loss order should be placed above the Fibo level of 38.2%.
The material has been provided by InstaForex Company - www.instaforex.com