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Analysis of EUR/USD divergences for May 14. Two rebounds and bearish divergence cannot yet stop the growth of the euro

4h

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As seen on the 4-hour chart, the EUR/USD pair performed a reversed in favor of the US dollar after the formation of a bearish divergence at the CCI indicator. As a result, on May 14, the process of falling quotations can be continued in the direction of the retracement level of 100.0% (1.1177). Closing of the pair above the Fibo level of 76.4% (1.1241) can again be interpreted as a reversal in favor of the euro and expect a resumption of growth in the direction of the retracement level of 61.8% (1.1281), especially in conjunction with the last peak of divergence.

The Fibo grid is built according to the extremes of March 7, 2019, and March 20, 2019.

Daily

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As seen on the 24-hour chart, the picture remains the opposite. The pair is trading below the retracement level of 127.2% (1.1285) that keeps the probability of a resumption of falling prices towards the Fibonacci level of 161.8% (1.0941). Fixing the pair above the retracement level of 127.2% will work in favor of the European currency and will allow counting on some growth in the direction of the retracement level of 100.0% (1.1553). There are no emerging divergences on the current chart today.

The Fibo grid is built according to the extremes of November 7, 2017, and February 16, 2018.

Forecast for EUR/USD and trading recommendations:

Buy deals on EUR/USD pair can be opened with the target at 1.1281 if the pair closes above the 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 1.1177, with a stop loss order above the level of 1.1241, since a bearish divergence was formed.

The material has been provided by InstaForex Company - www.instaforex.com