4h
The EUR / USD pair on a 4-hour chart returned to the correctional level of 23.6% - 1.1358. The end of quotes from this level allowed the pair to make a new turn in favor of the American dollar and begin the process of falling in the direction of 1.1269. There are no maturing divergences on the current chart. The closing of the pair on February 21 above the Fibo level of 23.6% will work in favor of the EU currency and the resumption of growth in the direction of the correction level of 38.2% - 1.1446.
The Fibo grid was built on extremums from September 24, 2018, and November 12, 2018.
Daily
On the 24-hour chart, the couple rebounded from the Fibo level of 127.2% - 1.1285 and began to grow in the direction of the correction level of 100.0% - 1.1553. None of the indicators have ripening divergences on the current chart. Closing the pair below the Fibo level of 127.2% can be interpreted as a reversal in favor of the US currency and expect a resumption of the fall in the direction of the correction level of 161.8% - 1.0941.
The Fibo grid is built on extremums from November 7, 2017, and February 16, 2018.
Recommendations to traders:
New purchases of the EUR / USD pair will be possible with the goal of 1.1446 if the pair closes above the level of 1.1358 and a Stop Loss order below the level of 23.6%.
Sales of the EUR / USD pair can be carried out now with the target of 1.1269, since it was canceled from the 23.6% correction level, with a Stop Loss order above the level of 1.1358.
The material has been provided by InstaForex Company - www.instaforex.com