4h
As seen on the 4-hour chart, the EUR/USD pair performed a reversal in favor of the American currency and closed below the Fibo level of 50.0% (1.1313) after the formation of the bearish divergence at the CCI indicator. As a result, the process of falling quotations can be continued in the direction of the retracement level of 61.8% (1.1281). Closing the pair above the Fibo level of 50.0% will work in favor of the EU currency and the resumption of growth in the direction of the retracement level of 38.2% (1.1344).
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 completed the close above the retracement level of 127.2% (1.1285), which now allows traders to expect a resumption of growth in the direction of the retracement level of 100.0% (1.1553). However, today the bearish divergence at the CCI indicator is already brewing. Its formation will allow us to expect a reversal in favor of the American dollar and a close below the Fibo level of 127.2%, which will allow us to expect a further decline in the direction of the retracement level of 161.8% (1.0941).
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 a target at 1.1344 if the pair consolidates above the Fibo level 50.0%. The stop loss order should be placed below the level of 1.1313.
Sell deals on EUR/USD pair can be opened with targets at 1.1281 and 1.1241 as the pair completed consolidation below the level of 50.0%. The stop loss order should be placed above the level of 1.1313.
The material has been provided by InstaForex Company - www.instaforex.com