Wave counting analysis:
On Friday, February 8, the bidding ended with another 15 bp decrease. Thus, the option of reducing the instrument, at least to the level of 100% Fibonacci, remains in force. There is a need to look at the behavior of the market at about the level of 100.0%. It is possible that the EUR / USD pair will make an unsuccessful attempt to break through this level, which will lead to the transformation of the entire wave structure into a 3 wave. At the same time, there are no visible obstacles for further reduction of the pair within the framework of exactly wave 3 of the downward trend with targets around 12 figures and below. News in the United States and the European Union today should not be based on the calendar.
1,1289 – 100.0% Fibonacci
1.1215 – 0.0% Fibonacci
1.1444 – 38.2% Fibonacci
1.1514 – 50.0% Fibonacci
General conclusions and trading recommendations:
The pair continues to build a downward wave of 3. Thus, now, I still recommend selling EUR / USD instruments with targets near the levels of 1.1284 and 1.1215, which corresponds to 100.0% and 0.0% Fibonacci. An unsuccessful attempt to break through the mark of 1,1289 can lead not only to the departure of quotations from the lows reached, but also to the completion of the downward wave.
The material has been provided by InstaForex Company – www.instaforex.com