The EUR / USD currency pair performed a fall to the correctional Fibo level of 100.0% - 1.1303 and rebound from it with a turn in favor of the European currency. As a result, on December 3, the growth process can be continued in the direction of the correction level of 76.4% - 1.1423. Maturing divergences are not observed on the current chart. Fixing the pair below the Fibo level of 100.0% can be interpreted as a reversal in favor of the US currency and the resumption of the fall in the direction of the correction level of 127.2% - 1.1162 can be expected.
The Fibo grid is built on extremes from August 15, 2018, and September 24, 2018.
On the 24-hour chart, the EUR / USD currency pair, after rebounding from the correctional level of 127.2% - 1.1285, reversed in favor of the EU currency and began to grow in the direction of the Fibo level of 100.0% - 1.1553. There are no emerging divergences today. Fixing a pair of quotes under the correction level of 127.2% will work in favor of the American currency and resuming the fall in the direction of the next Fibo level of 161.8% - 1.0941.
The Fibo grid is built on extremums from November 7, 2017, and February 16, 2018.
Recommendations to traders:
New purchases of the EUR / USD currency pair can be made now with a target of 1.1423 and a Stop Loss order below the Fibo level of 100.0% since the pair has completed the rebound from the level of 1.1303
Sales of the EUR / USD currency pair can be made with the target of 1.1162 with a Stop Loss order above the Fibo level of 100.0% if the pair closes below the level of 1.1303.
The material has been provided by InstaForex Company - www.instaforex.com