4h
The EUR / USD pair returned again to the correction level of 23.6% at 1.1358 and rebounded from it. As a result, the pair also performed a slight drop but the new bullish divergence at the CCI indicator allows us to expect a turn in favor of the EU currency and another return to the Fibo level of 23.6%. A new rebound from this level will again work in favor of the American currency and some fall in the direction of the level of 1.1269. Fixing the rate of the pair above the Fibo level of 23.6% will increase the likelihood of continued growth in the direction of the correction level of 38.2% at 1.1446.
The Fibo net was established on boundaries from September 24, 2018 and November 12, 2018.
Daily
On the 24-hour chart, the pair rebounded from the correction level of 127.2% at 1.1285 and started the growth process in the direction of the Fibo level 100.0% at 1.1553. Maturing divergences in the current chart are not observed in any indicator. The closing of quotations of the pair below the Fibo level of 127.2% can be interpreted as a reversal in favor of the American dollar and it is expected to resume a decline towards the correction level of 161.8% at 1.0941.
The Fibo net was established on boundaries from November 7, 2017 and February 16, 2018.
Recommendations to traders:
New purchases of the EUR / USD pair is possible with the goal of 1.1446 and a Stop Loss order below the level of 23.6% if the pair closes above the level of 1.1358.
Sales of the EUR/USD pair can be carried out with the target of 1.1269 and a Stop Loss order above the level of 1.1358 if the pair completes the last low divergence.
The material has been provided by InstaForex Company - www.instaforex.com