Wave counting analysis:
In the course of trading on Wednesday, the EUR / USD currency pair gained only about 20 basis points, however, there are still reasons to assume that the wave 5 of the downtrend trend is completed. If this is true, then the increase in quotations will continue as part of the first wave of a new uptrend, at least 3-wave. At the same time, there remains a small probability that wave 5 will become more complicated and will take on a 5-wave view, but for this, the tool will need serious fundamental reasons, for example, negative information on Brexit.
The objectives for the option with sales:
1.1179 - 161.8% of Fibonacci
1.1103 - 200.0% of Fibonacci
The objectives for the option with purchases:
1.1499 - 0.0% of Fibonacci
General conclusions and trading recommendations:
The pair allegedly completed the construction of the downward trend. Thus, now I recommend buying the pair in small volumes with targets located around 15 figures, but always with protective orders, as the probability of wave 5 remains complicated. The news background will be of great importance in the coming days and even weeks, the whole wave 5 can become complicated.
The material has been provided by InstaForex Company -
www.instaforex.com