4h
As seen on the 4-hour chart, the EUR/USD pair just started growing in the direction of the retracement level of 61.8% (1.1281), as the bearish divergence of the CCI indicator was formed. As a result, the pair performed a reversal in favor of the US currency and began the process of returning to the Fibo level of 76.4% (1.1241). The consolidation of the quotes on April 23 under the Fibo level of 76.4% will increase the chances of the pair to continue falling in the direction of the next retracement level of 100.0% (1.1177). Today, the emerging divergence is not observed on any indicator.
The Fibo grid is built according to the extremes of March 7, 2019, and March 20, 2019.
Daily
As seen on the 24-hour chart, the pair has completed the closing under the retracement level of 127.2% (1.1285). Thus, the fall of the pair on the current chart can be continued in the direction of the retracement level of 161.8% (1.0941). However, we still pay attention to the two previous low pairs, around which a reversal in favor of the European currency can be made. The closing of the pair above the Fibo level of 127.2% can be interpreted as a reversal in favor of the EU currency and expect some growth in the direction of the retracement level of 100.0% (1.1553).
The Fibo grid is built according to the extremes of November 7, 2017, and February 16, 2018.
Forecast for EUR/USD and trading advice:
Buy deals on EUR/USD pair can be opened with the target at 1.1281 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 1.1177 if the pair closes below the level of 76.4%. The stop loss order should be placed above the level of 1.1241.
The material has been provided by InstaForex Company - www.instaforex.com
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