4h
As seen on the 4-hour chart, the EUR/USD pair completed closing above the retracement level of 76.4% (1.1241) on the third attempt. As a result, on April 9, the growth of the pair continues in the direction of the next Fibo level of 61.8% (1.1281). Today, emerging divergence is not observed in any indicator. The rebound from the level of 61.8% will allow traders to expect a reversal in favor of the American dollar and a return to the retracement level of 76.4%. Closing the pair's rate above the Fibo level of 61.8% will increase the chances of further growth in the direction of the retracement level of 50.0% (1.1313).
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 retains chances of resuming the fall in the direction of the Fibo level of 161.8% (1.0941) as long as the quotes remain below the retracement level of 127.2% (1.1285). The closing of the pair above the Fibo level of 127.2% can be interpreted as a turn in favor of the European currency and expect some growth in the direction of the retracement level of 100.0% (1.1553). There are no emerging divergences today.
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 targets at 1.1281 and 1.1313 as the pair completed consolidation above the retracement level of 76.4%. The stop loss order should be placed under the level of 1.1241.
Sell deals on EUR/USD can be opened with the target at 1.1241 if the pair rebounds from the level of 61.8%. The stop loss order should be placed above the level of 1.1281.
The material has been provided by InstaForex Company - www.instaforex.com