4h
The EUR / USD currency pair performed only a slight drop after the formation of a bearish divergence in the CCI indicator. After that, the growth process was resumed and the closing above the correction level of 76.4% - 1.1423 was completed. As a result, on December 10, the growth of quotations of the pair can be continued in the direction of the next correction level of 61.8% - 1.1497. Fixing the rate of the pair below the Fibo level of 76.4% will work in favor of the American currency and some falling in the direction of the correction level of 100.0% - 1.1303.
The Fibo grid is built on extremes from August 15, 2018, and September 24, 2018.
Daily
On the 24-hour chart, the growth of quotations also continues in the direction of the correctional level of 100.0% - 1.1553. Bearing divergence is brewing at the CCI indicator. The education will allow traders to expect a reversal in favor of the US currency and a return to the Fibo level of 127.2% - 1.1285. Reversal of quotes from the correction level of 100.0% will similarly work in favor of the beginning of the fall of the pair. Fixing quotes above the Fibo level of 100.0% will increase the likelihood of a further growth in the direction of the next correction level of 76.4% - 1.1789.
The Fibo grid is built on extremums from November 7, 2017, and February 16, 2018.
Recommendations to traders:
New purchases of the EUR / USD currency pair can be made now with a target of 1.1497 and a Stop Loss order below the Fibo level of 76.4%, as the pair completed closing above the level of 1.1423.
The EUR / USD currency pair can be sold with a target of 1.1303 with a Stop Loss order above the Fibo level of 76.4% if the pair closes below the correction level of 1.1423 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com