4h
As seen on the 4-hour chart, the EUR/USD pair continues the process of falling in the direction of the retracement level of 0.0% (1.1177), despite the formation of a bullish divergence in the CCI indicator. New emerging divergences on April 1 is not observed in any indicator. Quoting quotes from the Fibo level of 0.0% will allow traders to expect a reversal in favor of the EU currency and a slight increase in the direction of the retracement level of 23.6% (1.1269). Closing a pair below the Fibo level of 0.0% will increase the chances of continuing to fall.
The Fibo grid was built on extremes from January 10, 2019, and March 7, 2019.
Daily
As seen on the 24-hour chart, the pair consolidated below the retracement level of 127.2% (1.1285). Thus, the drop in quotations can be continued in the direction of the next retracement level of 1.0941. The only thing that confuses is the area of the previous low of the pair. It will be very difficult to break through. Closing the rate of the pair above the Fibo level of 127.2% can be interpreted as a reversal in favor of the European currency and expect some growth in the direction of the retracement level 100.0% (1.1553).
The Fib grid is based on extremes of November 7, 2017, and February 16, 2018.
Trading recommendations
Buy deals on EUR/USD pair can be opened with the target at 1.1269 if the pair disconnects from the level of 0.0%. The stop-loss order should be placed below the level of 1.1177.
Sell deals on EUR/USD pair can be opened with the target at 1.1177 if the pair rebounds from the retracement level of 23.6%. The stop-loss order should be placed above the level of 1.1269.
The material has been provided by InstaForex Company - www.instaforex.com
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