The EUR / USD pair on the 4-hour chart continues the process of falling towards the level of 1.1269. There is not a single indicator showing ripening divergences on March 7. Reversing the pair’s quotes from the level of 1.1269 will allow traders to expect a reversal in favor of the European currency and some growth in the direction of the correction level of 23.6% – 1.1358. Closing the pair below the 1.1269 level will increase the likelihood of a further fall in the direction of the correction level of 0.0% – 1.1218.
The Fibo grid was built on extremums from September 24, 2018, and November 12, 2018.
On the 24-hour chart, the pair returned to the correctional level of 127.2% – 1.1285. Rebounding the pair from this level will allow us to expect a reversal in favor of the EU currency and some growth in the direction of the correction level of 100.0% – 1.1553. Fixing quotations below the Fibo level of 127.2% will work in favor of continuing to fall in the direction of the next level of correction 161.8% – 1.0941. Maturing divergences are not observed on this graph.
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 carried out with the target of 1.1358 if the pair disconnects from the level of 1.1269, and the Stop Loss order is below this level.
Sales of the EUR / USD pair can be carried out now with a target of 1.1269, and with a Stop Loss order above the level of 1.1358, since the pair completed closing below the Fibo level of 23.6%.
The material has been provided by InstaForex Company – www.instaforex.com