4h
The EUR / USD pair has completed growth to the correctional level of 76.4% at 1.1423. Reversal of the quotation from the Fibo level of 76.4% will allow traders to expect a reversal in favor of the American dollar and a slight drop in the direction of the correction level of 100.0% at 1.1303. On November 19, a bearish divergence is forming near the MACD indicator, which will increase the likelihood of a rebound from a Fibo level of 76.4%. Fixing the rate above the correction level of 76.4% will work in favor of further growth in the direction of the next Fibo level of 61.8% at 1.1497.
The Fibo grid was established on the boundaries from August 15, 2018 and September 24, 2018.
Daily
On the 24-hour chart, the EUR / USD pair closed above the correction level of 127.2% at 1.1285. As a result, the process of growth of quotations can be continued in the direction of the next Fib level of 100.0% at 1.1553. There are no maturing divergences on the current chart. A rebound of the pair from the correction level of 100.0% will make it possible to expect a reversal in favor of the dollar and a return to the correctional level of 127.2%.
The Fibo grid was established on the boundaries from November 7, 2017 and February 16, 2018.
Recommendations to traders:
You can make purchases of the EUR / USD pair with a target of 1.1497 and a Stop Loss order below the Fibo level of 76.4% if the pair closes above the 1.1423 level.
You can sell the EUR/USD pair with a target of 1.1303 and the Stop Loss order above the Fibo level of 76.4% if the pair bounces the correction level of 1.1423, especially in conjunction with the bearish divergence.
The material has been provided by InstaForex Company - www.instaforex.com