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Analysis of the divergence of EUR / USD on October 24. Potential for the pair to fall
October 24, 2018 1:21 pmVideo
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4h
After the formation of a bearish divergence in the CCI indicator, the EUR / USD currency pair completed closing below the correction level of 61.8% – 1.1497. Thus, the process of falling can be continued in the direction of the next correctional level of 76.4% – 1.1424. New emerging divergences are not observed in any indicator. Rebounding the quotations from the Fibo level of 76.4% will allow us to count on a turn in favor of the euro currency and a return to the correction level of 61.8%. Fixing the rate of the pair below the Fibo level of 76.4% will work in favor of a further fall in the direction of the next level of correction 100.0% – 1.1303.
The Fibo grid is built on extremes from August 15, 2018, and September 24, 2018.
Daily
On the 24-hour chart, the pair rebounded from the correction level of 100.0% – 1.1553 with a reversal in favor of the American currency. As a result, the drop in quotations can be continued on this chart in the direction of the correctional level of 127.2% – 1.1285. Fixing the pair above the Fiboo level of 100.0% can be interpreted as a reversal in favor of the European currency and the resumption of growth in the direction of the correction level of 76.4% – 1.1789 is expected.
The Fibo grid is built on extremums from November 7, 2017, and February 16, 2018.
Recommendations to traders:
You can make purchases of the EUR / USD currency pair with a target of 1.1558 and a Stop Loss order below the Fibo level of 61.8% if the pair closes above the correction level of 1.1497.
Sales of the EUR / USD currency pair can be held with the target of 1.1424 with a Stop Loss order above the Fibo level of 61.8%, as the pair completed closing below the correction level of 1.1497 and with the target of 1.1303 if the closing occurs below the level of 76.4%.
The material has been provided by InstaForex Company – www.instaforex.com
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