Source: Forex Analysis
On the 24-hour chart, the pair consolidated above the correction level of 127.2% – 1.1285. Thus, the pair will continue its growth in the direction of the next Fibo level of 100.0% – 1.1553. Closing below the level of 127.2% could be viewed as a trend reversal in favor of the US dollar. Besides, the pair could decline in the direction of the correction level of 161.8% – 1.0941. None of indicators shows emerging divergences today.
The Fibo grid is built on the ground of extremums from November 7, 2017, and February 16, 2018.
Now traders can open long positions on EUR / USD with a target of 1.1351 as the pair closed above the level of 1.1299. Stop loss could be placed under the correction level of 76.4%.
Besides, tarders can consider short deals on EUR / USD with a target of 1.1216 provided that the pair closes below 1.1299. Stop loss order could be set above the Fibo level of 76.4%.
The material has been provided by InstaForex Company – www.instaforex.com