4h
The EUR / USD pair on the 4-hour chart, after the formation of a new bearish divergence at the CCI indicator, reversed in favor of the American currency and began the process of falling in the direction of the correction level of 0.0% - 1.1218. Quoting quotes from the level of 1.1269 or from the level of 1.1218 will allow traders to expect a reversal in favor of the EU currency and a slight increase in the direction of the correction level of 23.6% - 1.1358. Passing the peak of divergence will similarly work in favor of the beginning of the pair's growth.
The Fibo grid was built on extremums from September 24, 2018, and November 12, 2018.
Daily
On the 24-hour chart, the pair returned to the correctional level of 127.2% - 1.1285 but did not close yet. As a result, the pair can rebound from this level with a turn in favor of the euro currency and the beginning of growth in the direction of the Fibo level of 100.0% - 1.1553. Closing the course of the pair below the correction level of 127.2% - 1.1285 will increase the probability of a further fall in the direction of the Fibo level of 161.8% - 1.0941.
The Fibo grid is built on extremums from November 7, 2017, and February 16, 2018.
Recommendations to traders:
Purchases of the EUR / USD pair can be carried out with a view to 1.1358 if the pair disconnects from the level of 1.1269 (or 1.1218), and the Stop Loss order is below 1.1269 (or 1.1218).
Sales of the EUR / USD pair can be carried out now with the target of 1.1218 since a bearish divergence was formed.
The material has been provided by InstaForex Company - www.instaforex.com