4h
The bearish divergence at the CCI indicator allowed the EUR / USD pair to make a turn in favor of the American currency and resume the process of falling in the direction of the correctional level of 100.0% - 1.1303. New emerging divergences are not observed in any indicator. Fixing the pair on October 30 above the Fibo level of 76.4% - 1.1422 can be interpreted as a reversal in favor of the EU currency and expect some growth in the direction of the correction level of 61.8% - 1.1497.
The Fibo grid was built on extremes from August 15, 2018, and September 24, 2018.
Daily
On the 24-hour chart, the process of falling quotations continues in the direction of the correctional level of 127.2% - 1.1285. Rebounding the pair from the correction level of 127.2% will allow traders to count on a turn in favor of the European currency and some growth in the direction of the Fibo level of 100.0% - 1.1553. Closing the course of the pair below the correction 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 extremes 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 1.1422 and a Stop Loss order under the Fibo level of 100.0% if the pair bounces the correction level of 1.1303.
The EUR / USD currency pair can be sold now with a target of 1.1303 with a Stop Loss order above the Fibo level of 76.4%, since the pair has rebounded from the correction level of 1.1422 with the formation of a bearish divergence.
The material has been provided by InstaForex Company - www.instaforex.com