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Analysis of the divergence of EUR / USD for November 13th. The level of 1.13 passed, the way down is open

4h

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The EUR / USD currency pair closed below the correction level of 100.0% - 1.1303. As a result, the process of falling quotations continues on November 13 in the direction of the next correction level of 127.2% - 1.1162. Also today, bullish divergence is brewing at the CCI indicator. The education will allow us to count on a turn in favor of the European currency and a return to the Fibo level of 100.0%. Reversal of quotes from the correction level of 127.2% will similarly work in favor of the beginning of the pair's growth.

The Fibo grid is built on extremes from August 15, 2018, and September 24, 2018.

Daily

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On the 24-hour chart, the EUR / USD currency pair consolidated below the Fibo level of 127.2% - 1.1285. Thus, traders expect a continuation of the reduction of quotations in the direction of the next correction level of 161.8% - 1.0941. There are no maturing divergences on the current chart. Fixing the pair above the Fibo level of 127.2% can be interpreted as a reversal in favor of the European currency and count on some growth in the direction of the correction level of 100.0% - 1.1553.

The Fib net is built on extremums from November 7, 2017, and February 16, 2018.

Recommendations to traders:

You can make purchases of the EUR / USD currency pair with a target of 1.1303 and a Stop Loss order below the Fibo level of 127.2% if the pair bounces the correction level of 1.1162 or after the formation of a bullish divergence with the Stop Loss under its low.

The EUR / USD currency pair can be sold now with a target of 1.1162 with a Stop Loss order above the Fibo level of 100.0%, as the pair closed below the correction level of 1.1303 and hold them until a bullish divergence is formed.

The material has been provided by InstaForex Company - www.instaforex.com