Dmitriy Gurkovskiy | Sep 29, 2020 12:52
As we can see in the H4 chart, the divergence on MACD made the pair start a new descending correction, which, after breaking 23.6% fibo, has yet failed to reach 38.2% fibo at 1.1520. At the same time, there is a local convergence on MACD, which may hint at a short-term pullback. After completing the pullback, the pair may head 38.2%, 50.0%, and 61.8% fibo at 1.1520, 1.1369, and 1.1217 respectively. However, if EURUSD breaks the high at 1.2011, it may continue trading upwards to reach the long-term 76.0% fibo at 1.2095.
The H1 chart shows a pullback to the upside after a convergence; it has already reached 23.6% fibo but may later continue moving towards 38.2%, 50.0%, and 61.8% fibo at 1.1729, 1.1765, and 1.1801 respectively. However, if the price breaks the local low at 1.1612, the asset may fall and reach the mid-term 38.2% fibo at 1.1520.
As we can see in the H4 chart, after breaking 61.8% fibo and attempting to reach 76.0% fibo at 103.70, the downtrend has slowed down due to a convergence; right now, the pair is correcting upwards. In the nearest future, the instrument may reach 23.6% fibo at 105.82 and then start a new short-term pullback, which may later be followed by further growth towards 38.2%, 50.0%, and 61.8% fibo at 106.93, 107.85, and 108.75 respectively. The support is the low at 104.00.
The H1 chart shows a wave to the upside to reached 23.6% fibo at 105.82. At the same time, there is a divergence on MACD, which may hint at a possible descending correction with the targets at 38.2% and 50.0% fibo at 105.05 and 104.85 respectively. The resistance is the high at 105.70.
Written By: Dmitriy Gurkovskiy
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