The EUR / USD pair on the 4-hour chart performed a reversal in favor of the European currency and consolidation above the correction level of 100.0% - 1.1216. As a result, on March 11, the growth process of quotations can be continued in the direction of the next Fibo level of 76.4% - 1.1299. The ripening divergences today are not observed in any indicator. Closing the rate of the pair below the Fibo level of 100.0% will work in favor of the American currency and resuming the fall in the direction of the correctional level of 127.2% - 1.1120.
The Fibo grid is built on extremums from November 12, 2018, and January 10, 2019.
On the 24-hour chart, the pair closed below the correction level of 127.2% - 1.1285. Thus, the drop in quotations is expected in the direction of the next correctional level of 161.8% - 1.0941. Fixing 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 correction level of 100.0% - 1.1553. Maturing divergences are not observed on the current chart.
The Fibo grid is built on extremums from November 7, 2017, and February 16, 2018.
Recommendations to traders:
Purchases of the EUR / USD pair can be made now with the target of 1.1299, as the pair completed closing above the level of 1.1216, and the Stop Loss order with a correction level of 100.0%.
Sales of the EUR / USD pair can be carried out with a target of 1.1120, and with a Stop Loss order above the level of 1.1216, if the pair closes below the Fibo level of 100.0%.The material has been provided by InstaForex Company - www.instaforex.com