4h
The currency pair EUR / USD reversed in favor of the European currency, not reaching the level of correction of 38.2% - 1.1446, and began the process of growth in the direction of the correctional level of 50.0% - 1.1517. The ripening divergences on January 15 are not seen in any indicator. Rebounding the pair from the Fibo level of 50.0% will allow traders to expect a reversal in favor of the US currency and the resumption of decline in the direction of the level of 38.2%. Closing the pair below the level of 38.2% will work in favor of continuing to fall in the direction of the next Fibo level of 23.6% - 1.1358.
The Fibo grid is built on extremes from September 24, 2018, and November 12, 2018.
Daily
On the 24-hour chart, the currency pair quotes rebounded from the correction level of 100.0% - 1.1553 and began the process of falling in the direction of the Fibo level of 127.2% - 1.1285. Fixing the pair above the Fibo level of 100.0% can be interpreted as a reversal in favor of the euro currency and rely on the resumption of growth in the direction of the correction level of 76.4% - 1.1789. There are no ripening divergences on the current chart either.
The Fibo grid 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 1.1517 and a Stop Loss order under the Fibo level of 38.2% if the pair bounces off the level of 1.1446.
New sales of the EUR / USD currency pair will be possible with the goal of 1.1446 with a Stop Loss order above the Fibo level of 50.0% if the pair bounces off the level of 1.1517.
The material has been provided by InstaForex Company - www.instaforex.com