4h
As seen on the 4-hour chart, the EUR/USD pair performed a reversal in favor of the EU currency after two rebounds from the retracement level of 100.0% (1.1177) and an increase of to the Fibo level of 76.4% (1.1241). The rebound of the pair's quotes May 10 from the retracement level of 76.4% will allow traders to expect a reversal in favor of the US dollar and a slight drop in the direction of the retracement level of 100.0%. Closing the pair's rate above the Fibo level of 76.4% will increase the pair's chances of further growth in the direction of the next retracement level of 61.8% (1.1281).
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 picture remains the opposite. Quotes of the pair continue to be under the retracement level of 127.2% (1.1285), which retains the chances of resuming the fall in the direction of the retracement level of 161.8% (1.0941). The rebound from the level of 127.2% will increase the probability of resuming the fall. Fixing the pair above the Fibo level of 127.2% will work in favor of the European currency and the beginning of growth in the direction of the retracement level 100.0% (1.1553). There are no emerging divergences today.
The Fibo grid is built according to the extremes of November 7, 2017, and February 16, 2018.
Forecast and trading recommendations for EUR/USD:
Buy deals on EUR/USD pair can be opened with the target at 1.1281 if the pair closes above the level of 76.4%. The stop loss order should be placed below the level of 1.1241.
Sell deals on EUR/USD 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.
