Analysis of the divergence of EUR / USD for November 9. Eurocurrency falls again
The currency pair EUR / USD, after rebounding from the correction level of 61.8% – 1.1497, continues the process of falling in the direction of the correctional level of 100.0% – 1.1303. Quoting the pair on November 9 from the Fibo level of 100.0% will allow traders to expect a reversal in favor of the European currency and some growth in the direction of the correction level of 76.4% – 1.1423. There are no ripening divergences today. Fixing the pair below the Fibo level of 100.0% will increase the chances for a further fall in the direction of the next correction level of 127.2% – 1.1162.
The Fibo grid is built on extremes from August 15, 2018, and September 24, 2018.
On the 24-hour chart, the EUR / USD currency pair also turned in favor of the US dollar and began to fall in the direction of the Fibo level of 127.2% – 1.1285. Rebound of the pair from the correction level of 127.2% will allow traders to expect a turn in favor of the EU currency and a slight increase towards the correction level of 100.0% – 1.1553. Fixing quotations below the Fibo level of 127.2% will work in favor 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:
You can make purchases of the EUR / USD currency pair with a target of 1.1423 and a Stop Loss order under the Fibo level of 100.0% if the pair bounces the correction level of 1.1303.
The EUR / USD currency pair can be sold now with a target of 1.1303 with a Stop Loss order above the Fibo level of 76.4%, since the pair completed closing below the correction level of 1.1423.