4h
As seen on the 4-hour chart, the EUR/USD pair performed a reversal in favor of the American dollar and began the process of falling in the direction of the retracement level of 100.0% (1.1177) after the rebound from the retracement level of 76.4% (1.1241). Today, there is no indicator of the emerging divergences. The closing of the pair on April 5 above the Fibo level of 76.4% will work in favor of the European currency and the resumption of growth in the direction of the retracement level of 61.8% (1.1281).
The Fibo grid is built on extremes from March 7, 2019, and March 20, 2019.
Daily
As seen on the 24-hour chart, the pair maintains the chances of further decline towards the Fibo level of 161.8% (1.0941). However, the previous low of quotations does not let the pair below itself. Before the pair closes above the retracement level of 127.2% (1.1285), however, the probability of further decline remains high. The consolidation of quotations above the Fibo level of 127.2% can be interpreted as a reversal in favor of the EU currency and expect some growth in the direction of the retracement level of 100.0% (1.1553).
The Fibo grid is built on extremums from November 7, 2017, and February 16, 2018.
Trading advice:
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 1.1177 as the pair completed the rebound from the retracement 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