4h
As seen on the 4-hour chart, the EUR/USD pair performed a decline to the retracement level of 76.4% (1.1241), rebound from it, a turn in favor of the EU currency and a return to the retracement level of 61.8% (1.1281). The end of the quotations of the pair on April 11 from the Fibo level of 61.8% will again work in favor of the American currency and the resumption of decline in the direction of 76.4%. Closing the pair above the Fibo level of 61.8% will increase the chances for further growth in the direction of the next retracement level of 50.0% (1.1313). There are no emerging divergences on the current chart.
The Fibo grid was built on extremums from March 7, 2019, and March 20, 2019.
Daily
As seen on the 24-hour chart, the pair retains the chances of resuming a fall in the direction of the Fibo level of 161.8% (1.0941), since it cannot yet close at the level of 127.2% (1.1285). Rebounding the pair from this level will work in favor of the US dollar and the beginning of a fall in the direction of the retracement level of 161.8%. Fixing the rate of the pair above the Fibo level of 127.2% will allow traders to rely on some growth in the direction of the retracement level of 100.0% (1.1553).
The Fibo grid was built on extremes from November 7, 2017, and February 16, 2018.
Trading advice:
Buy deals on EUR/USD pair can be opened with the target at 1.1313 if the pair consolidates above the Fibo level of 61.8%. The stop loss order should be placed below the level of 1.1281.
Sell deals on EUR/USD can be opened with the target at 1.1241 if the pair rebounds from the level of 61.8%. The stop loss order should be placed above the level of 1.1281.
The material has been provided by InstaForex Company - www.instaforex.com