4h
As seen on the 4-hour chart, the EUR/USD pair resumed the process of falling in the direction of the retracement level of 100.0% (1.1177). The rebound of the pair on April 2 from the Fibo level of 100.0% will allow traders to count on a turn in favor of the euro currency and some growth in the direction of the retracement level of 76.4% (1.1241). Today, emerging divergences are not observed in any indicator. Closing the pair below the Fibo level of 100.0% will increase the chances of a further fall in the direction of the next retracement level of 127.2% (1.1102).
The Fibo grid is built on the grounds of extremums from March 7, 2019, and March 20, 2019.
Daily
As seen on the 24-hour chart, the pair consolidated below the Fibo level of 127.2% (1.1285), which allows traders to count on the continuation of the fall in the direction of the next retracement level of 161.8% (1.0941). Around this low, we can expect a reversal in favor of the euro and the resumption of growth. If there are no problems with its passage, then the chances of falling will increase.
The Fibo grid is built on the grounds of extremums from November 7, 2017, and February 16, 2018.
Trading recommendations:
Buy deals on EUR/USD pair can be opened with the target at 1.1241 if the pair disconnects from the level of 100.0%. The stop-loss order should be placed below the level of 1.1177.
Sell deals on EUR/USD pair can be opened with the target at 1.1102 if the pair closes below the retracement level of 100.0%. The stop-loss order should be placed above the level of 1.1177.
The material has been provided by InstaForex Company - www.instaforex.com