4h
The EUR / USD currency pair reversed in favor of the European currency and consolidated above the correction level of 50.0% - 1.1517. Thus, the growth of quotations continues in the direction of the next correctional level of 61.8% - 1.1587. Rebounding the pair from the Fibo level of 61.8% on January 10 will allow traders to expect a reversal in favor of the US currency and a slight fall towards the level of 50.0%. Fixing quotes above Fibo level of 1.8% will increase the likelihood of further growth in the direction of the next correction level of 76.4% - 1.1675.
The Fibo grid is built on extremes from September 24, 2018, and November 12, 2018.
Daily
On the 24-hour chart, the currency pair made an increase to the correctional level of 100.0% - 1.1553. Rebounding the pair from this level will allow us to expect a reversal in favor of the US dollar and a slight drop in the direction of the Fibo level of 127.2% - 1.1285. Over the current chart, no indicator has maturing divergences. Closing the pair above the correction level of 100.0% will work in favor of continuing growth towards the next Fibo level at 76.4% - 1.1789.
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 1.1675 and a Stop Loss order under the Fibo level of 61.8% if the pair completes above the level of 1.1587.
Sales of the EUR / USD currency pair can be carried out with the target of 1.1517 with a Stop Loss order above the Fibo level of 61.8% if the pair rebounds the correction level of 1.1587.
The material has been provided by InstaForex Company - www.instaforex.com