4h
As seen on the 4-hour chart, the EUR/USD pair attempted to consolidate above the retracement level of 23.6% (1.1269), but it ended in failure. Thus, the process of falling quotations can be continued on March 28 in the direction of the next retracement level of 0.0% (1.1177). Today, emerging divergences are not observed in any indicator. The closing of the pair above the Fibo level of 23.6% can be interpreted as a reversal in favor of the euro currency and expect some growth in the direction of the retracement level of 38.2% (1.1328).
The Fibo grid is built on the grounds of extremums from January 10, 2019, and March 7, 2019.
Daily
As seen on the 24-hour chart, the quotes of the pair completed the close under the retracement level of 127.2% (1.1285). As a result, the fall in quotations may continue in the direction of the next Fibo level of 161.8% (1.0941). However, for a long period of time, the pair continues to trade along the retracement level of 127.2%. Therefore, it is possible to expect a fall to the retracement level of 161.8%, but the probability of this is small.
The Fibo grid is built on the grounds of extremums from November 7, 2017, and February 16, 2018.
Trading recommendations
Buy deals on EUR/USD pair can be opened with the target at 1.1328 if the pair closes above the level of 1.1269. The stop-loss order should be placed under the retracement level of 23.6%.
Sell deals on EUR/USD pair can be opened with the target at 1.1177, as the pair completed closing below the retracement level of 1.1269. The stop-loss order should be placed above the Fibo level of 23.6%.
The material has been provided by InstaForex Company - www.instaforex.com