4h
As seen on the 4-hour chart, the EUR/USD pair completed growth to the retracement level of 61.8% (1.1281) and rebound from it with a turn in favor of the American currency. As a result, on April 10, the process of falling in the direction of the retracement level of 76.4% (1.1241) began. None of the indicators have emerging divergences on the current chart. The rebound from the Fibo level of 76.4% will work in favor of the euro and return to the level of 61.8%. Closing the pair below the Fibo level of 76.4% will increase the probability of a further fall towards the next retracement level of 100.0% (1.1177).
The Fibo grid was built on extremums from March 7, 2019, and March 20, 2019.
Daily
As seen on the 24-hour chart, the pair retains chances of resuming the fall in the direction of the retracement level of 161.8% (1.0941), as it continues to be below the Fibo level of 127.2% (1.1285). The closing of the pair above the level of 127.2% can be interpreted as a turn in favor of the EU currency and we can expect some growth in the direction of the retracement level 100.0% (1.1553). There are no emerging divergences on the current chart.
The Fibo grid was built on extremes from November 7, 2017, and February 16, 2018.
Trading advice:
Buy deals on EUR/USD pair can be opened with targets at 1.1281 and 1.1313 if the pair rebounds from the retracement level of 76.4%. The stop loss order should be placed below the level of 1.1241.
Sell deals on EUR/USD pair can be opened with the target at 1.1241 if the pair rebounds from the level of 61.8%. The stop loss order should be placed above the level of 1.1281.
The material has been provided by InstaForex Company - www.instaforex.com