Daily
The rate fixed above the correctional level of 50.0% - 102.77 Fibonacci and the bearish candlestick formation Harami was built. The bearish Engulfing pattern had been formed before it. Thus, the quotes may continue downward move towards the level of correction 50.0%. The building of bullish candlestick pattern or consolidation above the level of 61.8% of Fibonacci may enable the growth towards the next level of correction 76.4% - 107.34. The rate may retrace the correctional level of 50.0% as well as it may open up the possibility for the pair to turn in favor of the euro.
4h
The bearish candlestick pattern enabled the rate to consolidate under the correctional level 100.0% - 103.83 of Fibonacci. The bullish candlestick patterns Harami and Morning Star were built; the price returned to the level of 100% of Fibonacci and the bearish pattern Long-legged Doji was built. As a result, the rate’s consolidation above the correctional level 100% provides a possibility of growth towards the next correctional level 161.8% - 106.44 of Fibonacci. If such a consolidation is not seen, then the rate may continue falling towards the correctional level 76.4% - 102.84 of Fibonacci. Building of a new bullish candlestick pattern gives a reason to consider the consolidation of the rate above the level of 100.0%.
