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The bearish divergence of the MACD indicator in conjunction with the rebound from the correction level of 38.2% - 1.1620 worked in favor of the US currency. The currency pair EUR / USD completed the fall to the correctional level of 50.0% - 1.1558. On October 17, a new bullish divergence is brewing near the CCI indicator. It allows you to expect a turn in favor of the euro currency. Hanging quotes from the Fibo level of 50.0% will similarly work in favor of the beginning of the pair's growth. Fixing the rate under the correction level of 50.0% will increase the likelihood of a further fall towards the next Fibo level of 61.8% - 1.1497.
The Fibo grid is built on extremes from August 15, 2018, and September 24, 2018.
Daily
On the 24-hour chart, the pair quotes continue to trade above the correction level of 100.0% - 1.1553. Thus, the process of growth in the direction of the correctional level is possible at 76.4% - 1.1789. There is no indicator of the emerging divergences today. Fixing the pair below the Fibo level of 100.0% will work in favor of the US currency and resuming the fall in the direction of the correction level of 127.2% - 1.1285.
The Fibo grid is built on extremums from November 7, 2017, and February 16, 2018.
Recommendations to traders:
Purchases of the EUR / USD currency pair can be opened with the target of 1.1620 and a Stop Loss order under the Fibo level of 50.0% if the pair bounces the correction level of 1.1558, especially in the bovine divergence.
The EUR / USD currency pair can be sold with the target of 1.1497 with a Stop Loss order above the Fibo level of 50.0% if the pair closes below the 1.1558 correction level and hold them until a bullish divergence is formed.
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