4h
On the 4-hour chart, the EUR / USD quotes rebounded from the correction level of 76.4% - 1.1422 and resumed the process of falling in the direction of the correctional level of 100.0% - 1.1303. On October 26, a bullish divergence is on the CCI indicator. Its education will allow traders to expect a turn in favor of the European currency and a return to the Fibo level of 76.4%. Reversal of quotes from the correction level of 100.0% will similarly work in favor of the beginning of the pair's growth.
The Fibo grid was built on extremes from August 15, 2018, and September 24, 2018.
Daily
On the 24-hour chart, the pair continues to fall in the direction of the correction level of 127.2% - 1.1285. The quotations from the Fibo level of 127.2% will make it possible to count on a reversal in favor of the EU currency and some growth in the direction of the correction level of 100.0% - 1.1553. Fixing the pair below the Fibo level of 127.2% will increase the chances of continuing falling towards the next correctional level of 161.8% - 1.0941.
The Fib net is built on extremes from November 7, 2017, and February 16, 2018.
Recommendations to traders:
You can make purchases of the EUR / USD currency pair with a target of 1.1422 and a Stop Loss order below the Fibo level of 100.0% if the pair bounces the correction level of 1.1424 or if a bullish divergence with Stop Loss is formed under the last low of this divergence.
The EUR / USD currency pair can be sold now with a target of 1.1303 with a Stop Loss order above the Fibo level of 76.4%, as the pair closed below the correction level of 1.1424 and keep them until a bullish divergence is formed.
The material has been provided by InstaForex Company -
www.instaforex.com