4h
As seen on the 4-hour chart, the EUR/USD pair performed first with a rebound from retracement level of 61.8% (1.1281), and then from the Fibo level of 50.0% (1.1313). As a result, on April 18, a new decline began in the direction of the retracement level of 61.8%. New emerging divergences today are not observed in any indicator. The end of quotations from the Fibo level of 61.8% will again work in favor of the euro and returning the pair to the retracement level of 50.0%. A close below the Fibo level of 61.8% will increase the chances for the EUR/USD pair to fall further in the direction of the next retracement level of 76.4% (1.1241).
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 still holds chances for both growth and decline. Quotes of the pair completed the close above the Fibo level of 127.2% (1.1285) on the one hand, and on the other hand, bearish divergence is on the CCI indicator. It is the formation of a divergence that will work in favor of the US dollar and the resumption of a fall in the direction of the retracement level of 161.8% (1.0941). But until the pair closes below the Fibo level of 127.2%, there is still a chance for the growth of the Eurocurrency.
The Fibo grid was built on extremes from November 7, 2017, and February 16, 2018.
Forecast for EUR/USD and trading recommendations:
Buy deals on EUR/USD pair can be opened with targets at 1.1313 and 1.1344 if the pair bounces off retracement level of 61.8%. The stop loss order should be placed below the level of 1.1281.
Sell deals on EUR/USD pair can be opened with targets at 1.1281 and 1.1241 since the pair completed the rebound from 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