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The currency pair EUR / USD, after the formation of a third consecutive bullish divergence, this time around the MACD indicator, reversed in favor of the euro and closing above the Fibo level of 23.6% - 1.1358. As a result, the growth process can be continued in the direction of the next correction level of 38.2% - 1.1446. The pair's January 23 pass of the last divergence low can be interpreted as a reversal in favor of the US dollar and the resumption of a fall in the direction of 1.1269 is expected.
The Fibo grid is built on extremes from September 24, 2018, and November 12, 2018.
Daily
On the 24-hour chart, the process of falling continues in the direction of the correctional level of 127.2% - 1.1285. The end of quotes from this Fibo level will allow traders to count on a turn 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 probability of a further fall in the direction of the next correction level of 161.8% - 1.0941.
The Fibo grid is built on extremums from November 7, 2017, and February 16, 2018.
Recommendations to traders:
Purchases of the currency pair EUR / USD can be carried out now with a target of 1.1446 and a Stop Loss order below the level of 23.6%, as the pair completed closing above the correction level of 1.1358, in conjunction with the bullish divergence.
Sales of the currency pair EUR / USD can be carried out with the target of 1.1269 with a Stop Loss order above the Fibo level of 23.6% if the pair performs the last low divergence pass.
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