4h
After the formation of the bearish divergence at the CCI indicator, the EUR/USD pair on the 4-hour chart performed a reversal in favor of the American currency and closed under the Fibo level of 76.4% (1.1241). As a result, on April 24, the process of falling can be continued in the direction of the next retracement level of 100.0% (1.1177). The rebound of the pair from the Fibo level of 100.0% will allow traders to count on a reversal in favor of the EU currency and some growth in the direction of the retracement level of 76.4%. There are no emerging divergences today.
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 performed a consolidation under the retracement level of 127.2% (1.1285). Thus, the fall of the pair can be continued in the direction of the next retracement level of 161.8% (1.0941). However, as before, there are big doubts that the pair will be able to close under the two previous lows. The closing of the pair above the Fibo level of 127.2% can be interpreted as a reversal in favor of the euro currency and expect some growth in the direction of the retracement level of 100.0% (1.1553).
The Fibo grid was built on extremes from 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 1.1241 if the pair rebounds from the retracement level of 100.0%. 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 as the pair completed closing 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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