4h
The EUR / USD currency pair reversed in favor of the US currency around the correctional level of 76.4% - 1.1422 and began the process of falling in the direction of the correction level of 100.0% - 1.1303. Overlapping divergences on November 5th are not observed in any indicator. Fixing the pair above the Fibo level of 76.4% will work in favor of the European currency and resumption of growth in the direction of the correctional level of 61.8% - 1.1497.
The Fibo grid is built on extremes from August 15, 2018, and September 24, 2018.
Daily
On the 24-hour chart, the currency pair reversed in favor of the EU currency around the correction level of 127.2% - 1.1285. Thus, the growth process can be continued in the direction of the Fibo level of 100.0% - 1.1553. Over the current chart, no indicator has maturing divergences. Fixing a pair of quotes under the correction level of 127.2% will increase the chances of the pair to resume falling in the direction of the correction level of 161.8% - 1.0941.
The Fibo grid is built on extremums from November 7, 2017, and February 16, 2018.
Recommendations to traders:
New purchases of the EUR / USD currency pair can be made with the target of 1.1497 and a Stop Loss order below the Fibo level of 76.4% if the pair closes above the correction level of 1.1422.
Sales of the EUR / USD currency pair can be made with the goal of 1.1303 with a Stop Loss order above the Fibo level of 76.4%, as the pair completed closing below the correction level of 1.1422.
The material has been provided by InstaForex Company - www.instaforex.com