As seen on the 4-hour chart, the EUR/USD pair returned to the retracement level of 76.4% (1.1241) and rebounded from it with a reversal in favor of the US dollar. However, in the last hours, the pair started the process of returning to the Fibo level of 76.4%. Thus, the new rebound of quotations on April 8 from this level will again work in favor of the American currency and will allow us to expect some fall in the direction of the retracement level of 100.0% (1.1177). Fixing the pair's rate above the Fibo level of 76.4% will increase the chances of continued growth in the direction of the next retracement level of 61.8% (1.1281).
The Fibo grid is based on extremes from March 7, 2019, and March 20, 2019.
As seen on the 24-hour chart, the pair retain chances of falling in the direction of the retracement level of 161.8% (1.0941), as it completed the closure below the Fibo level of 127.2% (1.1285). However, the previous low of quotes still does not allow a pair below itself. Before the pair closes above the retracement level of 127.2%, however, the probability of a further fall remains high. And only the closing of the pair above the Fibo level of 127.2% will work in favor of the EU currency and some growth in the direction of the retracement level of 100.0% (1.1553).
The Fibo grid is based on extremums from November 7, 2017, and February 16, 2018.
Buy deals on EUR/USD pair can be opened with the target at 1.1281 if the pair complete above 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 goal at 1.1177 if the pair performs a new rebound from 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