4h
The EUR / USD currency pair reversed in favor of the euro currency after the formation of the bullish divergence in the CCI indicator, and the return to the correction level of 100.0% - 1.1303. Rebounding quotes from the Fibo level of 100.0% will allow traders to count on a reversal in favor of the American currency and a resumption of decline in the direction of the correctional level of 127.2% - 1.1162. Fixing the pair above the Fibo level of 100.0% will increase the chances of continued growth in the direction of the next correction level of 76.4% - 1.1423.
The Fibo grid is built on extremes from August 15, 2018, and September 24, 2018.
Daily
On the 24-hour chart, the EUR / USD currency pair closed below the correction level of 127.2% - 1.1285. Thus, it is expected that the quotes will continue to fall in the direction of the correctional level of 161.8% - 1.0941. Over the current chart, no indicator has maturing divergences. Fixing the quotes above the correction level of 127.2% will work in favor of the EU currency and some growth in the direction of the Fibo level of 100.0% - 1.1553.
The Fib net is built on extremums 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 1.1423 and a Stop Loss order below the Fibo level of 100.0% if the pair closes above the level of 1.1303.
Selling of the currency pair EUR / USD will be possible with the goal of 1.1162 with a Stop Loss order above the Fibo level of 100.0% if the pair rebounds the correction level of 1.1303.
The material has been provided by InstaForex Company - www.instaforex.com