Wave counting analysis:
On Wednesday, February 13, trading ended for EUR / USD by 65 bpts. Thus, wave 3, which can still be transformed into a wave from the three wave sections of the trend in its internal wave structure looks complete. However, it is confused only by its size relative to the first wave of this area. It is this factor that suggests that wave 3 is still a wave from a trend already completed or nearing completion. If this is true, then instead of a single upward wave, we are now waiting for the construction of a new ascending set of waves. This option is opposed to the news background, which, to put it mildly, is not in favor of the euro.
1.1228 – 127.0% Fibonacci
1.1215 – 0.0% Fibonacci
1.1444 – 38.2% Fibonacci
1.1514 – 50.0% Fibonacci
General conclusions and trading recommendations:
The pair supposedly completed the construction of the downward wave 3. Thus, now I recommend waiting for confirmations to the beginning of the upward wave construction with targets located near the estimated 1.1444 mark, which corresponds to 38.2% Fibonacci, and after receiving them to buy the instrument.
The material has been provided by InstaForex Company – www.instaforex.com