4h
The currency pair EUR / USD performed a fall to the correctional level of 100.0% - 1.1303 and its circumference from it with a turn in favor of the European currency. As a result, on December 12, the growth process can begin in the direction of the correction level of 76.4% - 1.1423. Overcoming divergences today are not observed in any indicator. Fixing the pair below the Fibo level of 100.0% will work in favor of the US currency and the resumption of the fall in the direction of the correction level of 127.2% - 1.1162.
The Fibo grid is built on extremes from August 15, 2018, and September 24, 2018.
Daily
On the 24-hour chart, the currency pair retains the ability to continue to grow in the direction of the correction level of 100.0% - 1.1553. But now we are seeing the process of returning quotes to the Fibo level of 127.2% - 1.1285. The new release of the pair from the level of 127.2% will again work in favor of the EU currency and some growth in the direction of the correctional level of 100.0% - 1.1553. Fixing quotations below the Fibo level of 127.2% will increase the chances of the pair to further fall in the direction of the next correction level of 161.8% - 1.0941.
The Fib net is built on extremums from November 7, 2017, and February 16, 2018.
Recommendations to traders:
Purchases of the EUR / USD currency pair can be carried out now with a target of 1.1423 and a Stop Loss order under the Fibo level of 100.0% since the pair has completed the rebound from the level of 1.1303.
New sales of the EUR / USD currency pair will be possible with the goal of 1.1162 with a Stop Loss order above the Fibo level of 100.0% if the pair closes below the correction level of 1.1303 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com