Analysis of the divergence of EUR / USD for February 7. Bullish divergence + hang up.

4h

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The currency pair EUR / USD completed the fall to a correction level of 23.6% - 1.1358. The end of the pair's course from this Fibo level will allow traders to count on a reversal in favor of the European currency and some growth in the direction of the correction level of 38.2% - 1.1446. Also today, bullish divergence is brewing at the MACD indicator. The education may coincide with the rebound from the level of 23.6%. Closing quotes below the Fibo level of 23.6% will work in favor of continuing to fall towards the level of 1.1269.

The Fibo grid is built on extremes from September 24, 2018, and November 12, 2018.

Daily

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On the 24-hour chart, the currency pair reversed in favor of the US dollar and began the process of falling towards the Fibo level of 127.2% - 1.1285. Rebounding the pair from the correction level of 127.2% will allow traders to expect a reversal in favor of the EU currency and the beginning of a new growth towards the level of 100.0% - 1.1553. There are no maturing divergences on the current chart. Closing the pair below the Fibo level of 127.2% will increase the probability of a further fall in the direction of the next 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:

Purchases of the currency pair EUR / USD can be carried out with the target of 1.1446, if the pair rebounds from the correction level of 23.6%, and with a Stop Loss order at 1.1358, especially in conjunction with the formation of bullish divergence.

New sales of the currency pair EUR / USD will be possible with the goal of 1.1269 if the pair closes below the level of 1.1358, and a Stop Loss order above the level of 1.1358.

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