22.10.201810:39 Forex Analysis & Reviews: Analysis of the divergence of EUR / USD for October 22. The bullish divergence allowed the euro to rise

Análisis a largo plazo

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The double bullish divergence of the MACD and CCI indicators allowed the pair to make a U-turn in favor of the European currency and consolidation above the correction level of 61.8% - 1.1497. As a result, the growth process can be continued on October 22 in the direction of the correctional level of 50.0% - 1.1558. New emerging divergences are not observed. Fixing the rate of the pair below the Fibo level of 61.8% will work in favor of the US dollar and resuming the fall in the direction of the correction level of 76.4% - 1.1424.

The Fibo grid is built on extremes from August 15, 2018, and September 24, 2018.

Daily

On the 24-hour chart, the pair began the process of returning to the correction level of 100.0% - 1.1553. Rebounding quotes from the Fibo level of 100.0% will allow traders to count on a reversal in favor of the American dollar and a resumption of decline in the direction of the correction level of 127.2% - 1.1285. Fixing the pair above the Fibo level of 100.0% will increase the chances for further growth in the direction of the next correctional level of 76.4% - 1.1789.

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 made now with a target of 1.1558 and a Stop Loss order under the Fibo level of 61.8%, since the pair completed closing above the correction level of 1.1497.

Sales of the EUR / USD currency pair can be opened with the target of 1.1424 with a Stop Loss order above the Fibo level of 61.8% if the pair closes below the correction level of 1.1497.

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