4h
As seen on the 4-hour chart, the EUR/USD pair performed a fall to the retracement level of 76.4% (1.1241), and even closed below it for a short time. However, it has now closed above the Fibo level of 76.4%, which allows traders to expect some growth in the direction of the retracement level of 61.8% (1.1281). There are no emerging divergences on the current chart in any indicator. Closing the pair under the Fibo level of 76.4% (1.1241) will work in favor of the US dollar and the resumption of the fall in the direction of the retracement level of 100.0% (1.1177).
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 reversed in favor of the American currency after the formation of a bearish divergence at the CCI indicator, and the close below the Fibo level of 127.2% (1.1285). Thus, on the current chart, quotes are also expected to fall in the direction of the retracement level of 161.8% (1.0941), but there is still reason to doubt that the pair will be able to close under the previous two low prices. The consolidation of quotations above the Fibo level of 127.2% can be interpreted as a reversal in favor of the European currency and expect a resumption of 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.
Forecast for EUR/USD and trading recommendations:
Buy deals on EUR/USD pair can be opened with the target at 1.1281 as the pair completed closing above the retracement level of 76.4%. The stop loss order should be placed below the level of 1.1241.
Sell deals on EUR/USD pair can be carried out with the target at 1.1177 if the pair closes below the level of 76.4%. The stop loss order should be placed above the level of 1.1241.
The material has been provided by InstaForex Company - www.instaforex.com