4h
As seen on the 4-hour chart, the EUR/USD pair has completed the consolidation above the retracement level of 100.0% (1.1177). As a result, on May 7, the growth of quotations can be continued in the direction of the next Fibo level of 76.4% (1.1241). Also, the pair managed to rebound from the level of 100.0% yesterday. There is no single indicator of emerging divergences today. The rebound of the pair from the Fibo level of 76.4% will allow traders to count on a reversal in favor of the US dollar and a slight drop in the direction of the retracement level of 100.0%.
The Fibo grid is built according to the extremes of March 7, 2019, and March 20, 2019.
Daily
As seen on the 24-hour chart, the pair is located below the level of 127.2% (1.1285), thus maintaining the chances of resuming the fall in the direction of the retracement level of 161.8% (1.0941) at any time. There are no emerging divergences on the current chart either. The consolidation of the pair's quotes above the Fibo level of 127.2% will work in favor of the euro and the resumption of growth in the direction of the retracement level of 100.0% (1.1553).
The Fibo grid is built according to the extremes of November 7, 2017, and February 16, 2018.
Forecast for EUR/USD and trading recommendations:
Buy deals on EUR/USD pair can be opened with the target at 1.1241 since the pair completed the closing above the level of 100.0%. The stop loss order should be placed below the level of 1.1177.
Sell deals on EUR/USD pair can be opened with the target at 1.1177 if the pair rebounds from the retracement level of 76.4%. The stop loss order should be placed above the level of 1.1241.
